DRB-Hicom’s indirect unit inks MOU with Pekat subsidiary for PV systems

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KUALA LUMPUR: DRB-Hicom Bhd’s indirect subsidiary Proton Global Services Sdn Bhd has inked a two-year memorandum of understanding (MOU) with Solaroo Systems Sdn Bhd to promote the adoption of solar photovoltaic (PV) systems, which will help to reduce the carbon footprint within the carmaker’s ecosystem.

The collaboration is part of its commitment to complying with environmental, social and governance (ESG) standards, said DRB-Hicom in a filing with Bursa Malaysia on Tuesday (Aug 23).

Solaroo is a wholly-owned subsidiary of Pekat Group Bhd, and specialises in designing, supplying and installation of smaller-scale solar PV systems for residential, commercial and industrial projects

DRB-Hicom shares settled two sen or 1.57% higher at RM1.29 on Tuesday, giving the group a market capitalisation of RM2.49 billion. The counter has declined 9.79% year-to-date and 20.86% over the past year.

Meanwhile, Pekat closed up 2.5 sen or 4.63% at 56.5 sen, valuing the company at RM364.41 million. The stock has declined 16.9% year-to-date. However, its share price is almost double the initial public offering price of 32 sen of the company, which was listed on June 23 last year.

Source : The Edge Markets

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