TCHONG

0.860

+0.01 (+1.2%)

OTHERS Tan Chong Motor Holdings Berhad ("TCMH" or "the Company") Power Purchase Agreement between TC Sunergy Sdn. Bhd. and Tenaga Nasional Berhad in respect of the Development of Large Scale Solar Photovoltaic Plant of 20MW at Hulu Selangor, Selangor, Malaysia ("LSSPV Project")

TAN CHONG MOTOR HOLDINGS BERHAD

Type Announcement
Subject OTHERS
Description
Tan Chong Motor Holdings Berhad ("TCMH" or "the Company") 
Power Purchase Agreement between TC Sunergy Sdn. Bhd. and Tenaga Nasional Berhad in respect of the Development of Large Scale Solar Photovoltaic Plant of 20MW at Hulu Selangor, Selangor, Malaysia ("LSSPV Project")

We refer to our announcements dated 15 March 2021 and 18 June 2021 in relation to the LSSPV Project which is undertaken by TC Sunergy Sdn. Bhd. (“TC Sunergy”), an indirect 51% owned subsidiary of the Company.

 

The Board of Directors of the Company wishes to announce that in connection with the LSSPV Project, TC Sunergy had today received from Tenaga Nasional Berhad (“TNB”), the signed Power Purchase Agreement (“PPA”)  dated 16 August 2021 executed between TC Sunergy and TNB to govern the obligations of TC Sunergy and TNB, whereby TC Sunergy will sell and TNB will purchase the energy generated by the solar power plant for a period of 21 years (or such other extended period as permissible under the PPA) from the expected commercial operation date on or before 31 December 2023 in accordance with the agreed terms and conditions as stipulated in the PPA.

 

The PPA is not expected to have any material effect on the earnings per share, net assets per share and gearing of the TCMH Group for the financial year ending 31 December 2021, and has no effect on the share capital of TCMH and shareholdings of its substantial shareholders. However, the PPA is expected to contribute positively to the future earnings of the TCMH Group.

 

None of the Directors or major shareholders of TCMH and/or persons connected with them, has any interests, direct or indirect, in the PPA.

 

The execution of the PPA is not subject to the approval of the shareholders of TCMH.

                                                                                                                 

The Board of TCMH having considered all aspects of the PPA, is of the opinion that the PPA is in the best interest of the TCMH Group.

 

This announcement is dated 19 August 2021.






Announcement Info

Company Name TAN CHONG MOTOR HOLDINGS BERHAD
Stock Name TCHONG
Date Announced 19 Aug 2021
Category General Announcement for PLC
Reference Number GA1-19082021-00099