Cypark unit granted 1.100 MW biogas quota at Ulu Remis Palm Oil Mill
KUALA LUMPUR (March 26): Cypark Resources Bhd's wholly-owned unit has been granted a 1.100 MW biogas quota at a palm oil mill in Johor.
In a bourse filing, the group said wholly-owned Reviva Sdn Bhd was granted the quota at the Ulu Remis Palm Oil Mill in Layang-Layang by the Sustainable Energy Development Authority Malaysia, which will be sold at an approved rate stated in the feed-in-tariff.
A special purpose vehicle owned by Reviva and BAC Renewable Energy Sdn Bhd (BACRE) will carry out the project at the palm oil mill. Reviva holds a 51% stake in Reviva BACRE (Ulu Remis) Sdn Bhd, with the remaining 49% held by BACRE.
Cypark said the project is not expected to have any material impact on its earnings and net assets for the financial year ending Oct 31, 2021, but is expected to contribute positively to the future earnings of the group.
Cypark shares finished one sen or 0.77% higher at RM1.31, valuing the groupt at RM640.63 million. The counter saw 3.06 million shares traded.