Ann Joo Resources announced that its indirect wholly-owned subsidiary, IAC Infrastructure Sdn. Bhd., has secured a RM37.4 million contract to develop a major Battery Energy Storage System (BESS) in Bukit Kayu Hitam, Kedah.
The Letter of Award, accepted on May 5, 2026, was issued by Universal Peak Sdn. Bhd., a member of a consortium involving global renewable energy player Blueleaf Energy.
The project it added is a critical component of the Malaysia Battery Energy Storage System (MyBeST) program, an initiative spearheaded by the Energy Commission of Malaysia. The program aims to modernize the national grid and support Malaysia’s transition toward a carbon-neutral energy landscape by stabilizing the supply of renewable energy
Under the terms of the agreement, IACI will be responsible for the full lifecycle of the facility’s development.
The board of AJR stated that while the contract will not affect the company’s issued share capital or substantial shareholdings, it is expected to provide a significant boost to the group’s future earnings and net assets per share.
