Samaiden Announces Joint Venture with PT MCS Bina Energi to Expand Renewable Energy Business in Indonesia

Strategic Partnership Aims to Strengthen the Presence in the Southeast Asian Renewable Energy Market

PETALING JAYA, 17 SEPTEMBER 2024 – Samaiden Group Berhad ("Samaiden"), a renewable energy (“RE”) specialist principally involved in engineering, procurement, construction, and commissioning (“EPCC”) and assets investment of solar photovoltaic (“PV”) systems and other renewable energy plants, is pleased to announce its wholly-owned subsidiary, Samaiden SG Pte Ltd, has entered a Joint Venture and Shareholders’ Agreement ("JVA") with PT MCS Bina Energi (“MCS”) to establish a joint venture company in Indonesia.

PT MCS Bina Energi focuses on key sectors such as basic infrastructure, RE, and mineral resources. The company is closely aligned with Bintang Timur Investama, a diversified investment firm that actively engages in infrastructure, RE, and technology sectors.

This joint venture represents a strategic move for Samaiden as it aims to tap into the rapidly RE market in Indonesia. The collaboration leverages Samaiden’s technical expertise in EPCC services and MCS’s deep-rooted business network in Indonesia. The joint venture company will undertake various RE initiatives, including the development of solar PV systems, power plants, and build-own-operate-transfer RE projects, alongside offering consulting services for RE.

The joint venture company will be established with an authorised capital of IDR 10 billion (approximately RM 2.8 million). Samaiden will hold a 70% stake in the new entity, while MCS will own the remaining 30%. Samaiden’s role will primarily focus on providing technical advisory services, leveraging its in-depth knowledge in solar PV systems and RE, while MCS will focus on identifying local business opportunities and navigating the regulatory landscape in Indonesia. The partnership is expected to strengthen Samaiden’s presence in the growing Southeast Asian RE market.

Group Managing Director of Samaiden, Datuk Ir. Chow Pui Hee commented, “This joint venture is a significant milestone in our expansion strategy across Southeast Asia. Indonesia has strong commitment to develop its RE infrastructure aligns perfectly with Samaiden’s vision of driving clean energy adoption across the region. We believe that this collaboration will further enhance our capacity to provide more RE solutions and contribute positively to both our financial performance and regional green energy transition.”

Recently, Samaiden has announced their remarkable performance in financial year (“FY”) 2024, recording a revenue of RM227.2 million, representing a 33% increase from RM170.8 million in FY 2023. The Group's profit before taxation (PBT) surged by 63.2% to RM21.86 million. This impressive financial performance underscores Samaiden's ability to capitalise on expanding opportunities within the RE sector and positions the Group well for continued success and future growth.

The Group’s ongoing projects, supported by the recent partnership agreements and a robust order book of RM313.52 million as of 30 June 2024, are expected to contribute positively to the Group over the next few years.