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SCBUILD (0109): SC ESTATE BUILDER BHD inks MoU to acquire land from Kedah royalty for 100MW solar power plant or ESG project

KUALA LUMPUR (Oct 5): SC Estate Builder Bhd on Tuesday inked a memorandum of understanding (MoU) with Kedah royalty to acquire a piece of land measuring 104.62 hectares (258.52 acres) in Kedah.

The company proposed to build a 100-megawatt (MW) solar power plant or environment, social and governance (ESG) initiative projects in Kedah, according to a bourse filing.

SC Estate entered into the MoU with Datuk Seri Diraja Tan Sri Tunku Puteri Intan Safinaz Almarhum Sultan Abdul Halim Mu'adzam Shah, Tunku Sakinah Sultan Badlishah, and Che Puan Besar Haminah Hamidun, in relation to the proposed acquisition of land jointly owned by the members of royalty located in Mukim Sg Laka, Kubang Pasu district.

SC Estate's core businesses are construction and its related industries including renewable energy on solar power plants, solar power on the roofs, affordable houses, infrastructure works, and related businesses.

The execution of the MoU does not have any effect on the earnings per share, net assets per share, gearing, share capital and substantial shareholders' shareholdings of the group for the financial year ending July 31, 2022, noted the group.

Bursa Malaysia Securities previously approved the company's request for suspension in the trading of its shares from 9am to 5pm on Tuesday, pending the release of a material announcement.

Shares of SC Estate last traded at nine sen, with a market capitalisation of RM96.67 million. The stock has risen 50% year-to-date.

http://www.theedgemarkets.com/article/sc-estate-builder-inks-mou-acquire-land-kedah-royalty-100mw-solar-power-plant-or-esg-project

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