Founder Group Secures Contract Valued at US$2.6 Million to Build a Roof-Top Solar Generating Facility in Malay

 

KUALA LUMPUR, Malaysia, Radarseluma.Disway.id -- Founder Group Limited (NASDAQ: FGL) (“Founder Group” or the “Company”), a leading engineering, procurement, construction, and commissioning (EPCC) solutions provider for solar photovoltaic (PV) systems in Malaysia, is pleased to announce it has secured a contract worth RM11.6 million (approximately US$2.6 million) in Malaysia.

 

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The Company is contracting with a prominent solar installation company by project size in Malaysia and has a solid track record in the industry. It is also a major supplier of solar PV mounting structural system that is designed in-house, and the sole supplier and implementor of ground mounted tracking system in Malaysia. Over the years, this solar company has invested in and completed several end-to-end solar PV projects and has provided business synergies and cost efficiencies, which has strengthened its credibility as a solar installer.

 

Founder Group will serve as a contractor, responsible for the design, engineering, procurement, supply, delivery, construction and commissioning of a roof-top solar PV generating facility with nominal capacity.

 

This partnership will be a construction contract that is expected to be completed in 2 years. Upon completion of the facility construction, the Company will sign an Operations and Maintenance agreement which will provide benefits over the next 15 to 21 years. In the past, Founder Group has secured contracts with this solar installation company for similar types of facilities and expects additional contracts from them over the next few years. This project is expected to be profitable with a double-digit profit margin.

 

“We are proud that we were able to secure this tremendous contract and continue our on-going partnership with a company that has become one of the premiere solar installation businesses in Malaysia. Both of our companies share the same vision of working together to support the country’s renewable energy goals and promote a greener, more sustainable future. Additionally, this contract will provide opportunities for recurring revenue and margin growth which we expect will drive considerable value for our shareholders,” said Lee Seng Chi, Chief Executive Officer of Founder Group Limited.

 

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