KUALA LUMPUR: Glomac Bhd's 51%-owned subsidiary, Glomac Technology Sdn Bhd, has inked an agreement with Tenaga Nasional Bhd (TNB) to explore potential business opportunities in solar and green energy facilities.
In a filing with Bursa Malaysia, Glomac said a memorandum of understanding (MOU) was signed on Monday (April 17) and would remain effective for 24 months from the date of signing.
“However, if the parties decide to extend the agreement in writing by mutual agreement or earlier terminate (the agreement) in writing by any party, [this will be] in accordance with the provisions of the MOU,” it said.
Glomac said the MOU would not have any effect on the share capital or substantial shareholders' shareholdings of Glomac, and is not expected to have any material or immediate effect on the earnings, net assets and gearing of the Glomac group for the financial year ending April 30, 2023 (FY2023).
Source : The Edge Markets