It wants to go into the renewable energy business in a big way, after it was selected to be a FIT approval holder by the SEDA.
Its subsidiary received SEDA approval to develop and operate a solar photovoltaic plant with a 1MWp capacity to produce electricity to be supplied to TNB. TNB is finalizing a contract with PUC for a fixed price under feed in tariff rates for the power produced.
PUC hope to increase its energy production to 50MW which includes other types of renewable energy, such as biogas.
It is calling for bids to start commissioning the 1MWp production, and it is required to begin production by end of 2015. Therefore the earnings contribution is expected to start at end 2015.
Funding for its new renewable energy business … it is looking at options that could include bank borrowings, rights issue, private placement and strategic investments.
PUC is now involved in three separate business – media and advertising, IT and renewable energy. Solar energy is the new business which is expected to ensure a stable income stream for the group.
In Aug 2014, a company was set up to venture into e-content, ecommerce and emerchants. The new subsidiary will transform and lead the media and advertising business.
For FY2014 ended Dec 31, its posted a net profit rose seven times to rm9.85 million from rm1.2 million in FY2013 due mainly to consolidation of financial results after the completion of the acquisition of Red Media Asia Ltd and its subsidiaries. Revenue grew 153% to rm53.49 million.
It had completed a reverse acquisition of 100% equity interest in RMA for rm90 million, via the issue of 750 million new shares at rm0.12.
It expects deliver stable earnings results in FY2015 with its plan to reinvigorate its epayment business in 2015.
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