Pekat Group Unit Signs RM54.5 Mln Conditional Land Lease For RE Activities

KUALA LUMPUR, Sept 21 (Bernama) -- Pekat Group Bhd’s wholly-owned subsidiary, Pekat Teknologi Sdn Bhd (PTSB), has entered into a conditional agreement to lease 190.20 hectares of land in Mukim Sungai Petani, Kedah, for an aggregate rental estimated at RM54.5 million over a 24-year lease term.

Due to confidentiality obligations, Pekat said it was unable to disclose the identity of the lessor.

“The demised premises shall be used by PTSB solely for renewable energy activities, including the generation, production, sale and/or other dealings in renewable energy.

“This includes but is not limited to the development, construction, installation, operation and maintenance of photovoltaic solar panels, solar photovoltaic systems, battery energy storage systems and all other supporting and related structures, facilities and infrastructure (business),” Pekat said in a filing to Bursa Malaysia today.

The company said PTSB will undertake construction and related works on the land over a 24-month construction period, followed by a 21-year operating period for its renewable energy business.

It added that upon expiry of the initial lease term, PTSB has the option to extend the lease for a further one to five years, subject to the terms and conditions of the lease agreement.

-- BERNAMA