VSolar's power plant project with UTM lapses

PETALING JAYA: VSolar Group Bhd's plan to develop a 30MW solar energy plant with Universiti Teknologi Malaysia (UTM) has been aborted.
VSolar told Bursa Malaysia that both parties had mutually agreed to terminate their joint venture agreement (JVA) for the development of solar energy generation facilities.
"The mutual termination of the JVA is not expected to have a material impact on the profit and net tangible assets per share of the group for the financial year ending June 30, 2018," it said.
Following the termination, VSolar said it will continue to explore opportunities in the acquisition and development of other solar projects.
VSolar's shares gained 3.85% to close at 13.5 sen with some 15.08 million shares changing hands.