Green & Smart Holdings plc AGM Statement (1107F)

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RNS Number : 1107F

Green & Smart Holdings plc

25 October 2018

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement via a Regulatory Information Service ("RIS"), this inside information is now considered to be in the public domain.

25 October 2018

Green & Smart Holdings plc

("Green & Smart" or "the Company")

AGM Statement

Green & Smart Holdings plc (AIM: GSH), a renewable energy company generating power from biogas captured through the treatment of palm oil mill effluent ("POME") in Malaysia, will be holding its Annual General Meeting ("AGM") today at 10.00am BST at the at the offices of Green & Smart Sdn Bhd located at 73-M, Jalan Medan Setia 1 50490, Kuala Lumpur, Malaysia. At the AGM, the Chairman of the Board will make the following statement:

"Since announcing our results in August, I am pleased to report that we have continued to make progress. We are delighted with the performance of our Malpom biogas power plant, which we believe is converting POME at industry-leading efficiency levels. We remain confident of soon receiving the certificate of commercial operation for Malpom, which will enable us to sell power to the national utility at the full tariff rate.

"At Kahang, we are implementing bio-polishing facilities that will further clean the wastewater by-product of the POME treatment process so that it is of a potable level. This will allow the water to be reused by the plant, which enhances the overall sustainability of the process.

"Work is underway on our third fully-owned biogas power plant, Minyak. We have completed the groundwork and expect to finish plant construction in Q3 2019 so that we will be in a position for grid connection by year-end 2019 pursuant to receiving approval from the relevant authorities. With a capacity of 2.7MW, this will be our largest plant to date. This plant will be another lagoon-based system and so we will be able to leverage our experience with Malpom.

"We are also pleased to report that we have continued to receive payments from Megagreen Energy (MGE) and Concord Green Energy. Since 31 March 2018, we have received RM6.8m from these parties as well as the previously announced RM9m in post-dated cheques and RM3m being paid directly by MGE to suppliers of the Company. We are encouraged that the outstanding receivable position of RM70.3m as of 30 September 2018 is being progressively rectified.

"On behalf of the Board, I would like to thank our shareholders for their support and to thank Sivadas Kumar and Dato' Dr. Sivamohan S Namasivayam, who step down from the Board at today's meeting, for their valuable contribution. With the recent fundraising from Serba Dinamik combined with our ongoing cost reduction efforts, we are in a stronger position than this time last year and we look forward to executing on our growth plans."

Enquiries

 
 Green & Smart Holdings plc 
 Saravanan Rasaratnam, Chief Executive 
  Officer 
  Navindran Balakrishnan, Chief Operations 
  Officer                                       [phone] 
 
 Cantor Fitzgerald Europe (Nominated Adviser 
  and Broker) 
 Phil Davies, Richard Salmond                   [phone] 
 
 Luther Pendragon Ltd (Financial PR) 
 Claire Norbury, Alexis Gore                    [phone] 
 

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October 25, 2018 02:00 ET (06:00 GMT)