Pestech said it had received a Letter of Award from utility giant Tenaga Nasional Berhad for 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 at a contract deal worth RM21 million.
The project is in line with TNB’s Advanced Metering Infrastructure implementation.
The contract will be for a duration of two years whereby Pestech will implement the project together with its subsidiary PESTECH Energy Sdn Bhd, which is spearheading the smart metering infrastructure business of the Group.
From 2019 up to to-date, the Group has secured a total of RM139,798,173.36 smart meter orders from TNB, inclusive of the contract, interim orders, and variation orders, which consisted of a total of 643,455 units of smart meters.
The group feels the awarding of the contract signifies its capability to continuously meet the standard specifications and delivery performance as required by TNB.
The Contract is expected to contribute positively towards the revenue and earnings in accordance with the stages of the progress to be recognised in the financial year ending 30 June 2024 and 30 June 2025, and is expected to contribute positively to the net asset per share of the Company.
