1. INTRODUCTION

The Board of Directors of the Company is pleased to announce that its wholly-owned subsidiary, Powerwell International Sdn Bhd, had on 11 June 2021 received a purchase order dated 10 June 2021 from Intraco Solar Power Limited (“Intraco”), to supply low voltage switchboards and medium voltage switchgear panels using 33 kilovolt (KV) gas insulated switchgear for Intraco’s 30 megawatt (MW) solar power plant project located in Rangpur district, Bangladesh for a total contract value of USD2.135 million (“Supply Contract  ”).

The delivery of the Supply Contract is expected to be completed by end of December 2021.

2. FINANCIAL EFFECTS

The Supply Contract is expected to contribute positively to Powerwell’s consolidated earnings and net assets for the financial year ending 31 March 2022. 

3. RISK FACTORS

The Company does not foresee any exceptional risks other than the normal operational risks associated with the Supply Contract and the Company will take the necessary steps to mitigate the risks.

4. DIRECTORS’ AND MAJOR SHAREHOLDERS’ INTEREST

None of the Directors and/or major shareholders and/or persons connected with them has any interest, direct or indirect, in the Supply Contract.

5. STATEMENT BY DIRECTORS 

The Board of Directors of Powerwell, having considered all aspects of the Supply Contract, is of the opinion that the Supply Contract is in the best interest of the Company.

This announcement is dated 14 June 2021.