Samaiden Group Berhad has announced a strategic joint venture with PT MCS Bina Energi, representing a major step in its expansion into the Southeast Asian renewable energy market. This partnership is formalized through a Joint Venture and Shareholders’ Agreement (JVA) involving Samaiden’s wholly-owned subsidiary, Samaiden SG Pte Ltd.
The joint venture will be established in Indonesia, focusing on the development of renewable energy projects, including solar photovoltaic (PV) systems, power plants, and build-own-operate-transfer (BOOT) projects. Additionally, the joint venture will provide consulting services for various renewable energy initiatives.
The new entity will operate with an authorized capital of IDR 10 billion (approximately RM 2.8 million), with Samaiden holding a 70% stake and MCS retaining 30%. Samaiden will contribute its technical expertise in engineering, procurement, construction, and commissioning (EPCC) of solar PV systems, while MCS will leverage its extensive local business network and regulatory knowledge.
Datuk Ir. Chow Pui Hee, Group Managing Director of Samaiden, emphasized the significance of this venture: “This joint venture represents a key milestone in our Southeast Asia expansion strategy. Indonesia’s strong commitment to renewable energy aligns perfectly with Samaiden’s vision of promoting clean energy across the region. We are confident that this collaboration will enhance our ability to deliver renewable energy solutions and contribute positively to both our financial performance and regional sustainability goals.”
This announcement comes on the heels of Samaiden’s impressive financial results for fiscal year 2024, reporting a 33% increase in revenue to RM227.2 million, up from RM170.8 million in FY 2023. The Group’s profit before taxation surged by 63.2% to RM21.86 million, underscoring its successful positioning within the growing renewable energy sector.
With a robust order book of RM313.52 million as of June 30, 2024, Samaiden is well-positioned for continued growth in the renewable energy market. The joint venture with MCS Bina Energi is expected to further solidify Samaiden’s presence and drive significant advancements in renewable energy projects across Indonesia.
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