Pestech International Bhd’s unit Pestech Sdn Bhd (PSB) has received a RM21.17 million contract to supply smart meters to Tenaga Nasional Bhd.

KUALA LUMPUR (Oct 2): Pestech International Bhd’s unit Pestech Sdn Bhd (PSB) has received a RM21.17 million contract from Tenaga Nasional Bhd (TNB) for the supply and delivery of smart meters in line with TNB’s advanced metering infrastructure implementation.

In a Bursa Malaysia filing on Monday, the group said PSB will implement the project together with its other unit, Pestech Energy Sdn Bhd which is spearheading the smart metering infrastructure business of the group.

According to the group, the two-year project entails the supply and delivery of 79,800 units of single phase radio frequency smart meters together with 19,950 units of three phase radio frequency smart meters.

“The award of contracts signifies the Group’s capability in continuously meeting the standard specifications and delivery performance as required by TNB.

“It reaffirms the reliable track records built by the group in the smart metering and advanced meter infrastructure (AMI) business segment, allowing the group to tap on more prospects in the smart metering for other phases in TNB as well as in the region,” it said.

The group added that since 2019 till to-date, the group had secured a total of RM139.8 million smart meters order from TNB, inclusive of the contract, interim orders and variation orders, which consisted of a total of 643,455 units of smart meters.

“The contract is expected to contribute positively towards the revenue and earnings of Pestech in accordance with the stages of the progress to be recognised in the financial year ending June 30,2024 (FY2024) and June 30, 2025 (FY2025), and is expected to contribute positively to the net asset per share of the company,” it said.

Shares in Pestech closed four sen or 13.56% higher to 33.5 sen, giving it a market capitalisation of RM332.4 million.