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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Green & Smart Holdings Plc | LSE:GSH | London | Ordinary Share | JE00BYTQ7945 | ORD NPV |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 2.85 | 2.70 | 3.00 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From Apr 2019 to Apr 2024
TIDMGSH
RNS Number : 5703C
Green & Smart Holdings plc
29 June 2016
29 June 2016
Green & Smart Holdings plc
("Green & Smart" or "the Group")
Green & Smart Awarded New EPCC Contract by Concord Green Energy and Update on Projects
Green & Smart Holdings plc, a renewable energy company generating power from biogas captured through the treatment of Palm Oil Mill Effluent (POME) in Malaysia, provides the following update on its projects.
The Group's Admission Document, dated 6 May 2016, outlined the various projects and completion dates of the projects owned by the Group and its Associated Companies, Megagreen Energy ("MGE") and Concord Green Energy ("CGE"). At the time of the listing, the Group was still awaiting confirmation on the award of the Engineering, Procurement, Construction and Commissioning ("EPCC") contracts for the greenfield projects by Concord Green Energy.
Green & Smart is pleased to announce that the Board of CGE has appointed the Group as the EPCC project contractor for four greenfield biogas-based power generation plants to be constructed within the sites of the four specified palm oil mills owned by Felda Palm Industries Sdn Bhd commencing from 1 July 2016. Green & Smart will be paid a total of RM63.5m (c. GBP11.7m) under the contract. The Group expects to recognise approximately 30% of the revenues in FY 2016 and 70% in FY 2017.
Additionally, the Group has received a variation order from MGE covering additional works to be undertaken by Green & Smart on the Phase 1 projects of Nasaruddin, Seberang Perak and Melikai. For this, the Group will receive additional contract payments of approximately RM9.9m (c. GBP1.8m). In recognition of the extra works to be carried out within the original completion deadline, MGE has agreed to reschedule works on the Phase 2 projects, Maran and Labis, such that completion is postponed from September to December 2016. Consequently, a portion of the associated revenues on these contracts will be recognised in FY 2017 rather than FY 2016.
In order to accommodate the timings of the projects for MGE and CGE, the Group has prioritised these lower margin projects over the Group's wholly-owned projects. Consequently, there will be a slow-down in the progress of some of its own projects with a small loss of revenues in FY 2016. There is expected to be no detrimental impact on FY 2017 revenues.
As a result of the new CGE contracts and the rescheduling of the other contracts, the Group expects to report revenues for FY 2016 and FY 2017 significantly higher than management's previous expectations.
Below is the list of revised timelines of all projects:
Concord Green Energy Projects
Hot Features
Premium
Greenfield Projects Original Completion Revised Completion
Date Date
-------------------- -------------------- -------------------
Adela Not stated March 2017
-------------------- -------------------- -------------------
Lok Heng Not stated March 2017
-------------------- -------------------- -------------------
Keratong 2 April 2017 April 2017
-------------------- -------------------- -------------------
Lepar Hilir Not stated April 2017
-------------------- -------------------- -------------------
Brownfield Projects
-------------------- -------------------- -------------------
Nitar November 2016 To be advised by
CGE
-------------------- -------------------- -------------------
Tenggaroh November 2016 To be advised by
CGE
-------------------- -------------------- -------------------
Maokil November 2016 To be advised by
CGE
-------------------- -------------------- -------------------
Bukit Sagu Not stated To be advised by
CGE
-------------------- -------------------- -------------------
Keratong 9 November 2016 To be advised by
CGE
-------------------- -------------------- -------------------
Pasoh Not stated To be advised by
CGE
-------------------- -------------------- -------------------
Semenchu Not stated To be advised by
CGE
-------------------- -------------------- -------------------
Triang November 2016 To be advised by
CGE
-------------------- -------------------- -------------------
Umas Not stated To be advised by
CGE
-------------------- -------------------- -------------------
Mercu Not stated To be advised by
CGE
-------------------- -------------------- -------------------
Megagreen Energy Projects
Original Completion Revised Completion
Date Date
--------------- -------------------- -------------------
Nasaruddin June 2016 June 2016
--------------- -------------------- -------------------
Sebarang Perak June 2016 June 2016
--------------- -------------------- -------------------
Melikai June 2016 June 2016
--------------- -------------------- -------------------
Maran September 2016 December 2016
--------------- -------------------- -------------------
Labis September 2016 December 2016
--------------- -------------------- -------------------
Green & Smart Projects
Original Completion Revised Completion
Date Date
-------------- -------------------- -------------------
Kahang May 2016 August 2016
-------------- -------------------- -------------------
Malpom August 2016 October 2016
-------------- -------------------- -------------------
Minyak August 2016 February 2017
-------------- -------------------- -------------------
Liziz August 2016 February 2017
-------------- -------------------- -------------------
Dupont May 2017 May 2017
-------------- -------------------- -------------------
Milik Mestika December 2017 December 2017
-------------- -------------------- -------------------
Veetar October 2017 October 2017
-------------- -------------------- -------------------
Enquiries
Green & Smart Holdings plc --------------------------------------- ----------------- Sivadas Kumar, Group CEO +44 20 7618 9100 --------------------------------------- ----------------- SP Angel Corporate Finance LLP --------------------------------------- ----------------- Robert Wooldridge, Stuart Gledhill +44 20 3470 0470 --------------------------------------- ----------------- Luther Pendragon Ltd --------------------------------------- ----------------- Harry Chathli, Claire Norbury, Alexis Gore +44 20 7618 9100 --------------------------------------- -----------------
This information is provided by RNS
The company news service from the London Stock Exchange
END
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(END) Dow Jones Newswires
June 29, 2016 02:00 ET (06:00 GMT)
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