KUALA LUMPUR: Advancecon Holdings Bhd's unit Advancecon Solar Sdn Bhd has entered a memorandum of understanding with Peritone Health Sdn Bhd to develop a rooftop solar photovoltaic system for self-consumption.

According to a filing with Bursa Malaysia, the photovoltaic system will be located on the rooftopof Peritone's premises in Kulim Hi Tech Park in Kedah.

Under the terms of the agreement, Advancecon Solar will construct the 61.12kWp solar photovoltaic system and own it through the terms of the power purchase agreement and lease agreement.

The ownership, operations and maintenance of the system will be transferred to Peritone after the expiration of the agreements.

"The Board of Directors of the Company is of the opinion that the MOU will have a positive impact on the business of Adv Solar and is in the best interest of the Advancecon Group," it said.