SEPTEMBER-OCTOBER . 2023 | @ green
LOCAL NEWS
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Citaglobal strengthens RE presence
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Company estimates combined investment in the two purchases will be RM12m
BY INVESTING RM5 million to acquire shares in two solar photovoltaic ( PV ) companies , Citaglobal Bhd has significantly expanded its RE efforts . Citaglobal recently disclosed to Bursa Malaysia that it had paid RM2m in cash for a 60 per cent investment in Spectra Suria Sdn Bhd and RM3m for a 40 per cent take in Nova Reeco Sdn Bhd .
According to the filing , orders for Citaglobal are expected to grow by RM268m , bringing the total to more than RM1.27 billion .
In addition to acquiring 40 per cent of Nova Reeco , it will also be purchas-
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ing ICPS ( irredeemable convertible preference shares ).
“ These shares are convertible into an additional 20 per cent equity interest in Nova Reeco ,” Citaglobal explained .
The company has also promised to spend at least RM7m more on its Nova Reeco business , which might come from a shareholder ’ s advance or redeemable preference shares .
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From left Nova Spectra Energy Director Nik Fadhlee Nik Ahmad Huznee , Nova Spectra Energy Director Nik Mohd Omar Nik Ahmad Huznee , Norza Zakaria , Citaglobal Engineering Services Sdn Bhd Chief Executive Officer ( CEO ) Azly Abdul Kadir and Nova Spectra Energy Director Nik Imran Nik Ahmad Huznee at the signing ceremony .
Citaglobal estimated its combined investment in the two purchases would be RM12m .
The planned acquisition of Spectra Suria is anticipated to close within 30 days , while the Nova Reeco purchase is expected to close within two months .
According to Citaglobal , several conditions must be met before any such purchases will be finalised .
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One is the Fisheries Development Authority of Malaysia ( LKIM ) project for which Nova Spectra Energy has contracted Spectra Suria to serve as the engineering , procurement , construction , and commissioning ( EPCC ) contractor .
Citaglobal Executive Chairman Tan Sri Norza Zakaria expressed his company ’ s satisfaction with the acquisitions ’ positive impact on profitability .
Norza remarked that the acquisitions gave Citaglobal a solid order book to improve profitability and demonstrated its dedication to build a name for itself in the renewable energy sector .
Spectra Suria ’ s primary EPCC contributions concern solar photovoltaics ( PV ) and energy storage .
Nova Reeco specialises in event planning , marketing , and management in addition to other areas of design . They also engage in the wholesale distribution of a wide range of products .
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Berjaya Sompo and GEC launch tree-planting initiative
Tengku Hassanal ’ s environmental commitment in Pahang
BERJAYA SOMPO Insurance Berhad ( Berjaya Sompo ), Global Environment Centre ( GEC ), Department of Irrigation and Drainage ( DID ) Gombak , Department of Orang Asli Development ( JAKOA ) Gombak and Petaling District , Jungle School Gombak Malaysia , and Friends of Sungai Gombak Batu 12 at Kampung Batu 12 have launched a River Slope Mitigation through Tree Planting to Protect Water Resources at the Klang River Basin initiative .
Over 40 volunteers from Berjaya Sompo and local indigenous ( Orang Asli ) community members planted over 730 trees , including Melastoma malabathricum ( Senduduk ), Dillenia suffruticosa ( Simpoh Air ), Saraca thaipingensis ( Gapis ), and erosion control plants like Chrysopogon zizanioides ( Vetiver ) and Schizostachyum jaculan ( Buluh termiang ) at the Gombak River slope at Kampung Batu 12 .
The Friends of Sungai Gombak Batu 12 platform will also involve Orang Asli communities in river and tree monitoring .
Berjaya Sompo and GEC are bioengineering the Upper Gombak River Basin ( a tributary of Klang River Basin ) to prevent riverbank erosion and landslides and increase biodiversity . The initiative also promotes bioengineering in river management in Upper Gombak River Basin and Orang Asli stakeholder engagement .
Berjaya Sompo Chief Executive Officer ( CEO ) Tan Sek Kee remarked : “ As part of Berjaya Sompo ’ s broader Environmental , Social , and Governance ( ESG )
Tan Sek Kee , CEO of Berjaya Sompo , and Dr Kalithasan Kailasam , GEC River Care Programme Manager .
initiative , this tree planting for slope mitigation goes one step further . Environmental sustainability is lowering our carbon impact and improving our local communities . Slope mitigation prevents tragedies and makes our people , animals , and river safer .”
Rivers supply 97 per cent of Malaysia ’ s water . Thus , water source sustainability requires river conservation and pollution reduction . Bioengineered tree planting at slopes protects the river and our water resources from riverbank erosion improves the ecology , increases riverine biodiversity , and improves water quality .
The project uses soil bioengineering with Kampung Batu 12 Orang Asli for the first time on the Gombak River . GEC trained the community on slope bioengineering . They earn money from the initiative . The following year , the project will help them create and run a nursery , which can be a green economy model for future income .
GEC River Care Programme Manager Dr Kalithasan Kailasam thanked Berjaya Sompo for their support in his introductory remarks . Environmental conservation and restoration require corporate involvement , contribution , and active participation from stakeholders , including the local community , government agencies , and NGOs , through strategic partnerships .
GEC programme officers demonstrated river monitoring after tree planting as part of the river education programme and followup monitoring . For monitoring , the community representative received river and tree monitoring kits . Participants , notably Berjaya Sompo workers , learned about the local indigenous community ’ s lifestyle and culture .
Volunteers from Berjaya Sompo together with Programme Officers from GEC and the Orang Asli community at the kickstart of the River Slope Mitigation through Tree Planting to Protect Water Resources at the Klang River Basin initiative .
Tengku Hassanal at Hulu Tembeling .
TENGKU HASSANAL Shah continued to prioritise environmental conservation despite his tenure as Pahang Regent coming to an end . He emphasised the need for sustainable development to ensure the longevity of Pahang ’ s natural resources .
“ We have no choice . We need to develop a strategy to shift from traditional economic resources such as minerals and timber to alternative sources ,” said Tengku Hassanal , advocating for a transition to more sustainable practices .
He is committed to implementing projects based on environmental , social , and governance principles to safeguard the welfare and prosperity of the people . Tengku Hassanal envisions Pahang being self-sufficient , making significant economic contributions , and achieving net zero emissions .
However , he acknowledged challenges such as trespass , mineral theft , and forest reserve encroachment . Tengku Hassanal demanded stricter and more effective enforcement against those who exploit Pahang ’ s treasures . He urged the government to allocate adequate funds to enhance enforcement agencies ’ capabilities .
With Tengku Hassanal ’ s dedication to environmental conservation and sustainable development , Pahang can look forward to a prosperous future while preserving its precious natural heritage . – @ Green