Perak Corp inks collaboration to secure concession for Perak smart water meter initiative

PETALING JAYA: Perak Corp Bhd has entered into a collaboration agreement with Megaconn Technologies Sdn Bhd (MTSB) to jointly procure and secure a concession award for the development and implementation of smart water meter initiative in Perak.

MTSB shall, upon being awarded a concession for the proposed project, independently enter into a concession agreement with Lembaga Air Perak and solely responsible for all performance, funding and obligations arising therefrom. 

In a filing with Bursa Malaysia, Perak Corp noted its obligations under the deal are limited to facilitation and liaison functions and it shall not be liable for any failure or delay in securing approvals or awards beyond its reasonable control. 

Perak Corp shall be entitled to receive 5% of the total concession value of the project. It added getting recurring from the deal is in line with its Strategic Development Plan 2024 – 2028.

Perak Corp also inked a collaboration agreement with Cahya Netin Sdn Bhd (CNSB) to identify land totaling 2,000 acres in the state belonging to state agencies for the construction and operation of a solar energy generation farm project.

CNSB shall provide the experience, technical expertise and marketing skills required and necessary for the effective implementation of the Project including the cost of developing the project. 

Perak Corp will endeavour to get the land and necessary approvals including offtaker for the power generated. Perak Corp shall be entitled to receive 10.35% of the total Project Profits.