KUALA LUMPUR (Jan 15): SC Estate Builder Bhd (KL:SCBUILD) announced on Wednesday that its joint venture with Anjung Meriah Sdn Bhd has been shortlisted by the Energy Commission to develop a four-megawatt (MW) large-scale solar photovoltaic project in Arau, Perlis.
The joint venture, in the form of a consortium between Anjung Meriah and SC Estate's wholly owned subsidiary SC Estate Construction Sdn Bhd (SCEC), is 40%-owned by SCEC and 60% owned by Anjung Meriah.
SC Estate's deputy chairman Kuay Jeaneve controls Anjung Meriah with a 97.18% stake.
In a filing with the exchange, SC Estate said the latest award aligns with the company's mission to develop up to 3,000 MW solar power plants and up to 3,000 affordable houses with solar power roofs.
The group plans to finance the project through a combination of debt and equity, which it said is not expected to have a material effect on the company's gearing position.
As of Oct 31, 2024, SC Estate had cash and bank balances of RM4.47 million.
Shares of SC Estate, listed on the ACE Market of Bursa Malaysia, were unchanged at one sen at the time of writing on Wednesday, valuing the company at RM30.69 million.
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