KUALA LUMPUR (May 10): Samaiden Group Bhd and Aneka Jaringan Holdings Bhd have agreed to mutually terminate a joint venture agreement (JVA) to penetrate into the renewable energy (RE) business in Indonesia.

Samaiden told Bursa Malaysia in a stock exchange filing on Wednesday (May 10) evening that the mutual termination is due the to divergence of business objectives and views of both parties.

As of Wednesday (May 10), Samaiden's unit, PT Sam Anergi, had not commenced operations nor secured any renewable energy business in Indonesia, said Samaiden.

Samaiden added that the mutual termination is not expected to have any significant effect on the company’s earnings, net assets per share and gearing for the financial year ending June 30, 2023 (FY2023).

In August 2022, Samaiden inked a JVA with Aneka to vie for engineering, procurement, construction and commissioning (EPCC) of solar photovoltaic (PV) systems and power plants in Indonesia.

The JV was to provide Samaiden access to the Indonesian market and allow Aneka, which already has a presence in Indonesia via its subsidiary PT Aneka Jaringan Indonesia, to add to its value chain in a fast-growing segment.

Samaiden rose 2.16% or two sen to end at 94.5 sen on May 10 while Aneka closed up 2.86% or half a sen to 18 sen.