Jentayu Sustainables Berhad which saw its share price plunge around 60% from RM1.30 on January 16 to close at 0.54 on 22 January said it acknowledges that it has been a challenging week at the stock market but assures the fundamentals of the company remains strong.
The group added the price fluctuations are short term in nature, and are not reflective of the company’s true fundamentals.
Jentayu claims it is well on its way to achieve its target for sustainable financial performance with the injection of the
run-of-river hydropower plant Telekosang Hydro into which poised to be completed by Q2 2024.
It also said it is on track as planned to execute the Power Purchase Agreement (PPA) for the RM 2.8 billion, 170 MW run-of-river hydropower plant Project Oriole by mid 2024
As of January 3rd, 2024, regulatory authority regarding the power industry in Sabah has been moved from the Federal Energy Commission to the Energy Commission of Sabah, and that just today, Jentayu had an encouraging meeting with ECOS, bringing us yet another step closer to signing the PPA for Project Oriole.
Reports on the stock price fluctuations being due to an unwinding of positions should neither affect nor reflect the group’s fundamentals it said.
