KUALA LUMPUR (May 10): Scomi Group Bhd said Tuesday that its 51%-owned joint venture company Scomi SGSB Sdn Bhd had executed a memorandum of understanding (MOU) with Skill Johor Sdn Bhd (SJSB) to develop a Renewable Energy (RE) generation programme in the latter's TVET Campus in Johor.
Scomi said in a bourse filing that Scomi SGSB had conducted several site visits and technical assessments and had determined that solar photovoltaic (PV) system provides the best solution to generate RE while mitigating the rising energy costs of the campus over a period of 21 years. The campus has the potential capacity to accommodate up to four megawatt peak (MWp), it said, adding Scomi SGSB has submitted a commercial proposal based on a zero capital expenditure model to SJSB.
Scomi said both parties are desirous to develop the RE generation programme with Scomi SGSB providing the installation, testing and commissioning of the solar PV system.
Trading in the securities of Scomi has been suspended since April 20, as Bursa Malaysia rejected its application for a further extension of time to submit its regularisation plan.
Prior to the suspension, the counter was trading at five sen, valuing the group at RM5.5 million.