Announcements
Announcements
Date : 26 March 2021

OTHERS Cypark Resources Berhad ("CRB" or "the Company") - Proposed Collaboration in respect of Malaysia Feed-In-Tarriff ("FIT") Biogas Project at Ulu Remis Palm Oil Mill on Build-Own-Operate-Transfer ("BOOT") Model

CYPARK RESOURCES BERHAD

Type Announcement
Subject OTHERS
Description
Cypark Resources Berhad ("CRB" or "the Company") - Proposed Collaboration in respect of Malaysia Feed-In-Tarriff ("FIT") Biogas Project at Ulu Remis Palm Oil Mill on Build-Own-Operate-Transfer ("BOOT") Model
The Board of Directors of CRB wishes to announce that Reviva Sdn. Bhd. (Reviva), a wholly-owned subsidiary of the Company, had been granted a 1.100 MW biogas quota at the Ulu Remis Palm Oil Mill at Layang-Layang, Johor by the Sustainable Energy Development Authority Malaysia to be sold at the approved rate stated in the FIT certificate.

In this regard, a Special Purpose Vehicle (SPV) had been set up between Reviva and BAC Renewable Energy Sdn. Bhd. (BACRE) to carry out the biogas project at Ulu Remis Palm Oil Mill at Layang-Layang, Johor ("the Project") and to fulfill the conditions as set out in the Letter of Result of Application.

Reviva BACRE (Ulu Remis) Sdn. Bhd. ("Reviva BACRE"), being the SPV, was incorporated on 25 March 2021. Reviva holds 51% of the shares in Reviva BACRE while BACRE holds the remaining 49% of the shares in Reviva BACRE. Reviva BACRE will be principally engaged in the biogas power plant business.

The Project is not expected to have any material impact on the earnings and net assets of the CRB Group for the financial year ending 31 October 2021. However, the Project is expected to contribute positively to the future earnings of the CRB Group. None of the Directors or major shareholders of CRB and persons connected with them has any interests, direct or indirect, in the Project.

The announcement is dated 26 March 2021.

 






Announcement Info

Company Name CYPARK RESOURCES BERHAD
Stock Name CYPARK
Date Announced 26 Mar 2021
Category General Announcement for PLC
Reference Number GA1-16032021-00076



Back