Samaiden to set up JV for renewable energy business in Indonesia

17 Sep 2024

Samaiden Group Bhd on Tuesday announced plans to expand its renewable energy (RE) business into Indonesia via the setting up of a joint venture (JV) company.

The group said its subsidiary, Samaiden SG Pte Ltd, will establish the JV with PT MCS Bina Energi on a 70:30 basis, with an authorised capital of 10 billion rupiah (RM2.8 million).

MCS Bina is involved in sectors such as basic infrastructure, RE and mineral resources. The company is closely aligned with Bintang Timur Investama, a diversified investment firm that actively engages in infrastructure, RE and technology sectors, said Samaiden in a bourse filing.

The group said it will provide technical advisory services in solar photovoltaic (PV) systems and RE, while MCS Bina will focus on identifying local business opportunities and navigating the regulatory landscape in Indonesia.

Samaiden group managing director Datuk Chow Pui Hee said the JV is part of the group’s expansion strategy across Southeast Asia.

“Indonesia has a strong commitment to develop its RE infrastructure aligns perfectly with Samaiden’s vision of driving clean energy adoption across the region,” she said in a statement. “We believe that this collaboration will further enhance our capacity to provide more RE solutions and contribute positively to both our financial performance and regional green energy transition.”

Samaiden said the development of the JV company is subject to the future projects to be undertaken, which will be funded by loans and advances from the company’s shareholders in proportion to their ownership.

Shares of Samaiden closed one sen or 0.91% lower to RM1.09 on Tuesday, valuing the group at RM456.19 million.

Source: The Edge Malaysia