Green energy storage solutions provider Trive Property Group Bhd is looking to start manufacturing solar panel products, from only trading solar products.
Speaking to reporters after its extraordinary general meeting (EGM) today, its executive director Kua Khai Shyuan expressed his confidence in Trive Property being able to form a joint venture company with China's Fortunate Solar Technology Ltd.
Kua said the company has been searching for a ready-built factory in either Port Klang or Johor Baru and is expected to purchase the factory by first quarter of calendar year 2018.
To recap, Trive Property had in June last year, entered into a Memorandum of Understanding (MoU) with Fortunate Solar.
According to the MoU, both parties agreed to a total investment of RM60 million for the joint venture establishment with equal shareholding structure.
In addition, majority of the shareholders voted in favour for both resolutions — proposed bonus issue of warrants and proposed share issuance — for the EGM.
Both the resolutions for today were to raise up to RM50.5 million worth of funds for Trive Property's Phase 1 of the Kertih Project in Terengganu.
In 2015, Trive Property had decided to diversity into property development.
Kua said Trive Property had acquired the entire equity stake of Pakadiri Sdn Bhd, which owns a 20.92ha land in Kemaman, Terengganu, for about RM20 million cash in January 2017.
Pakadiri, principally a housing developer, has secured a joint venture project with Lembaga Tabung Amanah Warisan Negeri Terengganu under Terengganu's state privatisation programme to develop the land into part of a township called Bandar Baru Kertih Jaya (Kertih Project), a 66.96ha project in Kemaman, Terengganu.
Kua noted Trive Property had been appointed by Pakadiri in 2015, as the contractor for the first phase of the 66.96ha Bandar Baru Kertih Jaya township.
“Kertih does not have much housing development, so we see the chances there,” Kua added when asked about the reason for the company starting its first property development project in Kertih.
Going forward, Kua said the company will still be seeing the solar business as the only revenue contributor for its financial year ending Jan 31, 2018 (FY18).
At noon break, shares in Trive Property were unchanged at 9.5 sen, for a market capitalisation of RM126.98 million.
