Samaiden Partners Tokyo Listed Chudenoko For Potential Solar Energy Projects In Japan

Renewable energy and environment solutions provider, Samaiden Group Bhd today announced that it has entered into a Business Collaboration Agreement (“Agreement”) with Tokyo-listed Chudenko Corporation (“Chudenko”), an engineering company in Japan, to explore opportunities in the area of renewable energy (“RE”) in Malaysia as well as overseas markets. Chudenko is a substantial shareholder of Samaiden with an equity stake of 15.15%.

Under the Agreement, it said that the scope of business collaboration entails, among others, joint investment or venture in RE projects, including rooftop solar energy project for Japanese customers, and collaborating in the introduction of technology in operations and maintenance (“O&M”) of RE projects as well as other technologies.

Chudenko is a Japan-based general engineering company, involved in the design, construction, and maintenance of indoor electrical equipment, air conditioning and mechanical ventilation (“ACMV”) systems, and telecommunications facility. It also offers installation and maintenance services for distribution and transmission lines. Chudenko has a wide domestic reach in Japan with over 68 offices, as well as an overseas presence with subsidiaries in Malaysia and Singapore.

In recent years, Chudenko has been active in the overseas investment of renewable energies. It is listed on the Tokyo Stock Exchange (“TSE”) with a market capitalisation of JPY126.7 billion (equivalent to ~RM4.6 billion).

Chudenko is an affiliate company of Japan’s electric utility, Chugoku Electric Power Co Inc (“Chugoku”), which is primarily involved in the generation, transmission and distribution of electric power in Japan.

At the virtual signing ceremony today, Group Managing Director of Samaiden Group, Ir Chow Pui Hee said, “We are pleased to be tying up with Chudenko, one of Japan’s major engineering groups, to expand our RE footprint in overseas.

This collaboration allows us to leverage on each party’s strengths to accelerate growth in the RE sector while enabling us to tap on Chudenko’s broad business network, especially in the area of renewable energy business.

Not only does it open us up to business prospects in Japan, but the Group can also leverage on Chudenko’s technical know-how to enhance our existing offerings. Conversely, Samaiden’s RE expertise can be valuable in Chudenko’s decarbonisation initiatives.”

Also present at the virtual signing ceremony, Managing Executive Officer from Chudenko, Mr. Takakazu Higashika said, “It is our pleasure to partner with RE specialist, Samaiden. In line with Chudenko’s Medium-Term Management Plan 2024 to achieve decarbonisation by FY2050, we view Samaiden as an ideal proxy for us to expand usage of various renewable energies for electricity generation. In addition, our collaboration with Samaiden also allows us to further penetrate Malaysia and potentially the ASEAN region to capitalise on the rapid growth in RE adoption. We look forward to collaborating with Samaiden on exciting business opportunities in the RE industry and reap mutual benefits for both parties.”

Chudenko had earlier subscribed for 16.8 million new ordinary shares of Samaiden at RM1.27 per share via the private placement exercise, which represent a 7.27% equity stake. Thereafter, Chudenko acquired 18.2 million ordinary shares from Mr. Fong Yeng Foon, a co-founder of Samaiden, which further increased its stake to 15.15%.

Source : Business Today (Online)