Quick take: Samaiden rises on power plant contract

KUALA LUMPUR: Samaiden Group Bhd’s shares rose marginally in early trade Monday after securing a RM25.8mil biomass power plant project.

The counter rose 1.96%, or three sen to RM1.56 with over 1.3 million shares done.

Samaiden’s wholly-owned subsidiary Samaiden Sdn Bhd has secured a RM25.8mil contract from Gimzan Plywood Sdn Bhd to develop a biomass-based power plant in Terengganu.

Its unit had received and accepted the engineering, procurement, construction and commissioning (EPCC) project’s letter of award from Gimzan Plywood to undertake, among others, EPCC works to develop a 2.0MWac biomass renewable energy (RE) power plant at the Wakaf Tapai Industrial Area, Hulu Terengganu.

The contract will commence on Feb 2, 2021, and the construction is targeted to be completed within 23 months.

If the company fails to deliver the project within this timeframe, Samaiden said it will pay a rate of RM2,000 per day up to a limit of 5% of the contract price as liquidated and ascertained damages as compensation.

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