Kumpulan Powernet bags 8MW hydropower project in Laos

KUALA LUMPUR (Feb 11): Kumpulan Powernet Bhd said today it has received a contract to undertake the development of an 8MW hydropower plant in Laos worth US$15.88 million (RM65.88 million).

The company said it received the letter of award from Zhengdong Building Road & Bridge Construction Co Ltd today for the project located in Nam Samoy, Kasi district, Vientiane province.

"Zhenghong and the company shall enter into a definitive agreement within 30 business days from the date of the award or such other extended period as determined by Zhenghong," the company said in a filing with Bursa Malaysia.

The project is expected to be completed within 18 months from its commencement date, while the defects liability period is for two years from its completion, it said.

At 3.52pm, shares of Kumpulan Powernet rose 19 sen or 9.9% to RM2.11, giving the group a market capitalisation of RM160.68 million.