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Bintai Kinden And TNB Settle Contract Dispute With Consent Judgment And More

Bintai Kinden And TNB Settle Contract Dispute With Consent Judgment And More

BusinessToday30-06-2025
On June 29, 2025, key business developments included Bintai Kinden settling a contract dispute with Tenaga Nasional Berhad via a Consent Judgment. OPEC+ announced a 411,000 barrels per day oil output increase for August to counter non-OPEC competition. Malaysia's EPF acquired 5 million Gamuda shares, strengthening its stake.
Yong Tai Berhad purchased Sumberjaya Builders for RM15 million, securing Sabah land. DNEX launched a five-year plan focusing on energy and IT growth, while Malaysia explored pineapple waste as a sustainable economic driver.
Read full stories here: Bintai Kinden Reach Settlement With TNB Over Contract Termination OPEC+ Poised To Boost August Oil Output by 411,000 Barrels Per Day EPF Acquires 5 Million Gamuda Shares In Three Separate Transactions Yong Tai To Own Sabah Land Via RM15 Million Share Capital Purchase DNeX Rolls Out Five-Year Plan Focusing On Building Energy And IT Portfolio Can Senheng Capitalise On Consumer Tech Upcycle? Malaysia Eyes Pineapple Waste As New Economic, Sustainability Driver Samyang Foods Hits 10 Trillion Won Milestone On Global Buldak Boom Indonesia-CATL US$6 Billion Battery Venture Targets Global EV Market Seven States Record Positive Trade Growth In May With Value Of RM159.4 Billion
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Citaglobal takes control of two hydropower projects in Perak
Citaglobal takes control of two hydropower projects in Perak

New Straits Times

time7 hours ago

  • New Straits Times

Citaglobal takes control of two hydropower projects in Perak

KUALA LUMPUR: Citaglobal Bhd's subsidiary Citaglobal Renewable Energy Sdn Bhd has acquired majority stakes in two hydropower projects in Perak for RM15 million. Citaglobal said the move diversifies its renewable energy portfolio and demonstrates its commitment to Malaysia's vision for a low-carbon economy through structural energy reforms and the increased use of renewable energy. The deal involves the acquisition of 70 per cent stake in Zeqna Corporation Sdn Bhd (Zeqna) for RM15 million, and 70 per cent in Koridor Mentari Sdn Bhd for RM1, conditional upon the completion of Zeqna acquisition, it said. According to Citaglobal, the two hydropower assets are projected to generate up to RM19 million in recurring annual revenue under long-term renewable energy power purchase agreements with Tenaga Nasional Bhd. The remaining 30 per cent stakes in both Zeqna and Koridor Mentari will continue to be held by Perak Hydro Renewable Energy Corp Sdn Bhd, which has been granted water rights by the Perak state government for mini-hydropower development in the state. "This partnership gives Citaglobal access to strong institutional backing and a pipeline of future hydropower opportunities in a state well-suited for such developments, supported by favourable topography, river hydrology, and established grid infrastructure," it said. President and executive chairman Tan Sri Mohamad Norza Zakaria said the acquisition of the Slim Hydropower Plant, a revenue-generating brownfield asset, alongside the Kampar hydropower plant, a high-potential, fully approved greenfield project, accelerates the expansion of its renewable energy business by several years. Mohamad Norza said Slim hydropower plant will provide the company with an immediate source of recurring revenue, while Kampar hydropower plant, benefitting from its newly approved capacity and tariff, promises to deliver exceptional long-term value. "Together, they provide a well-balanced platform for scaling our clean energy portfolio, which includes solar, waste-to-energy and battery energy storage projects," he added.

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