AWC enters MOU with Indonesian investment firm for green energy opportunities in Malaysia

09 Jan 2023

Engineering services company AWC Bhd has entered into a memorandum of understanding (MOU) with an Indonesian company to jointly explore investment opportunities in renewable and green energy in Malaysia.

The Indonesian company, PT Bintang Timur Investama, is engaged in consulting, financing and investments in that country with an issued and paid-up share capital of US$5 million (RM21.88 million).

In a Bursa Malaysia filing, AWC said the MOU was valid for 12 months, and that it was among the MOUs witnessed by Prime Minister Datuk Seri Anwar Ibrahim in Indonesia on Sunday (Jan 8).

“The MOU is not expected to have any material immediate effect on the earnings per share, net assets per share and gearing of AWC for the financial year ending June 30, 2023,” said AWC.

Shares of AWC settled 1.5 sen or 3.16% higher at 49 sen on Monday, valuing the group at RM156.37 million.

Source: The Edge Markets