KUALA LUMPUR: Integrated electrical power technology company Pestech International Bhd has bagged an RM11.1 million contract from Tenaga Nasional Bhd (TNB) to supply 60,000 units of single-phase smart meters for advanced metering infrastructure.
In a bourse filing on Tuesday (Oct 11), Pestech said its wholly-owned subsidiary Pestech Sdn Bhd (PSB) on Oct 6 received a letter of award from TNB for the provision of the smart meters.
Pestech added that PSB will execute the contract together with its other subsidiary Pestech Energy Sdn Bhd, which is spearheading the digitalisation business segment of the group.
The contract is effective for six months, with an option to extend for another six months, subject to PSB's performance.
From 2019 to date, Pestech said it had secured contracts worth RM103.62 million in total from TNB, entailing the supply of 473,205 units of smart meters.
“The award of contracts signifies the group's capability in meeting the standard specifications and delivery performance as required by TNB. It enables the group to build track records to tap into more prospects in the smart metering [business] for other phases of TNB[‘s operations] as well as in the region,” said Pestech.
Looking ahead, Pestech said the group would continue to leap forward for opportunities in the revolutionising of technologies in power distribution and the smart grid to promote a greener and more sustainable energy.
Pestech settled 6.06% or two sen lower at 31 sen on Tuesday, bringing it a market capitalisation of RM307.6 million.
Source : The Edge Markets