Powerwell bags purchase order worth RM39 mil

KUALA LUMPUR (April 10): Powerwell Holdings Bhd has secured a purchase order to supply substation equipment for a solar power plant project in Bangladesh, for a total contract value of US$8.9 million (RM39 million).

In a Bursa Malaysia filing, the electric switchboard and switchgear manufacturer said its wholly owned subsidiary Powerwell International Sdn Bhd had received the purchase order from Dynamic Sun Energy Private Ltd — a subsidiary of Paramount Group Bangladesh.

The purchase order is for the supply and supervision of installation, testing and commissioning of 33 kilovolt substation equipment (800 volt low voltage switchgear panels) for Paramount’s new solar power plant project.

The purchase order is expected to be fulfilled by September 2023 and will contribute positively to Powerwell’s consolidated earnings and net assets for the financial year ending March 31, 2024 (FY2024).

Shares in Powerwell closed unchanged at 20.5 sen, translating to a market value of RM119 million.