KUALA LUMPUR (Jan 22): Samaiden Group Bhd has bagged a RM100 million contract to build a 50-megawatt solar power plant (first phase) in Kulim Hi-Tech Park, Kedah.

In a Bursa Malaysia filing, Samaiden said its unit Samaiden Sdn Bhd together with its consortium JS Solar Sdn Bhd have secured the engineering, procurement, construction and commissioning (EPCC) contract from Nur Renewables Sdn Bhd.

Of the RM100 million contract value, RM92 million is the contract price while the remaining RM8 million is the optional items price. It added that solar modules will be free-issued by Nur Renewables.

Nur Renewables is involved in the business of electricity generation, transmission, distribution, and retail in Malaysia, while JS Solar is involved in the business of installation of non-electric solar energy collectors.

The works are expected to be finished by March 31, 2025.

Samaiden said the contract is expected to contribute positively towards its future earnings over the duration of the contract.

Samaiden's share price gained one sen to close at RM1.14, bringing a market capitalisation of RM470 million.

Over the past year, the stock has climbed 43% from 80 sen.