Pestech, Japan’s RS Renewables terminate MoU on collaboration to bid for solar project
PETALING JAYA: Pestech International Bhd’s wholly owned subsidiary Pestech Power Sdn Bhd and Japan’s RS Renewables KK have mutually agreed to terminate an memorandum of understanding (MoU) to bid for a large-scale solar photovoltaic plant project.
The termination of the MoU takes effect immediately, in view of the fact that the parties’ intention as contemplated in the memorandum has not materialised, Pestech said in a filing with Bursa Malaysia.
On March 15, 2019, Pestech Power entered into an MoU with RS Renewables to collaborate via a potential joint investment in bidding for a large-scale solar project in Peninsular Malaysia.
Pestech Power is mainly involved in the establishment of electric power infrastructure concessions.
“The termination of this MoU does not have any effect on the issued and paid-up share capital, shareholdings of its substantial shareholders, net assets and gearing and earnings and earnings per share of Pestech group,” Pestech said.