PUC Founder, GreenTech to bid for renewable energy deals

PETALING JAYA: PUC Founder (MSC) Bhd is partnering GreenTech Malaysia Alliances Sdn Bhd to bid for renewable energy projects in government or government-linked corporations, particularly solar, biogas and biomass related projects.
In a filing with Bursa Malaysia, PUC said it had entered into a joint venture agreement with GreenTech to form a strategic collaboration, whereby the proposed joint venture will seek to leverage upon PUC’s strength and capability in project management and to utilise GreenTech’s expertise in developing green technology in Malaysia.
PUC and GreenTech will hold a 80% and 20% stake in joint venture entity, known as PUC Founder Technology Sdn Bhd, respectively.
GreenTech is wholly owned by Malaysian Green Technology Corp and it is under the purview of the Ministry of Energy, Green Technology and Water Malaysia, charged with catalysing green technology deployment as a strategic engine for socio-­economic growth in Malaysia.
PUC said the joint venture is in line with its diversification into energy utilities services to strategically expand its venture into renewable energy sector. It is expected to contribute positively to PUC’s future earnings and thereby improve shareholders’ value over the medium to long-term.
“With an established and strong partner like GreenTech, we are confident that we can continue to achieve more in the coming years in line with our expansion plans into the renewable energy sector as promised to our shareholders. New income stream and recurring income will be our way forward in the year ahead, we will strive to work harder and achieve better results to enhance our shareholders’ value,” said PUC managing director Cheong Chia Chieh.