NWP, Almaniaga eye RM19m annual profit

KUALA LUMPUR: Timber products manufacturer NWP Holdings Bhd and Almaniaga Sdn Bhd are eyeing a RM19 million annual profit from a contract for the installation and connection of electricity and water to nine refugee settlements in Sabah.

NWP had entered into a share purchase agreement to acquire 51 per cent of the equity interest in Almaniaga’s unit, Sinar Majumas Sdn Bhd, for RM1.5 million cash.

Sinar Majumas was awarded the rights to undertake and manage the installation and connection of electricity and water supply to 27 refugee settlement sites under “Skim Penempatan Masyarakat Pelarian” in Sabah by the supervision of the National Security Council of Malaysia.

NWP will initially provide the funding for the installation and connection of water supply at nine sites. The profits generated from the initial installation would then be used to fund installations and connections at the remaining 18 sites.

“The companies plan to collaborate with Universiti Malaysia Sabah for research and development related to water and electricity distribution system,” it said. Zarina Zakariah