KUALA LUMPUR (June 25): Diversified group Citaglobal Bhd (KL:CITAGLB) said on Wednesday that it is exploring renewable energy (RE) projects in Kyrgyzstan.
This follows the signing of a one-year memorandum of understanding (MOU) with Kyrgyzstan’s energy minister Ibraev Taalaibek Omukeevich to collaborate on energy projects in the country, particularly in the construction of RE facilities.
The minister was accompanying visiting Kyrgyz President Sadyr Zhaparov, who attended a meeting with representatives of Malaysian companies to explore business cooperation and investment opportunities between the two countries.
In 2024, Kyrgyztan was Malaysia’s fourth-largest trading partner among Central Asian nations, with bilateral trade valued at RM40 million (US$8.74 million).
Citaglobal said the execution of the MOU aligns with the group’s strategy to expand its presence in the energy sector and grow its international footprint.
“As the Kyrgyz Republic advances its national agenda to become a regional clean energy exporter and green-energy hub, this MOU represents a timely and strategic entry point for Citaglobal, aligning well with its core strengths in energy, infrastructure, and regional partnerships,” the group added in a bourse filing.
Citaglobal marked its foray into the RE sector in October 2022 through a collaboration with Genetec Technology Bhd (KL:GENETEC) to develop battery energy storage systems.
Shares of Citaglobal closed up one sen or 1.25% to 81 sen on Wednesday, giving it a market capitalisation of RM342.53 million.