Samaiden Forms Strategic Joint Venture With PT MCS Bina Energi To Boost Renewable Energy Presence In Indonesia

Samaiden Group Berhad has announced a strategic joint venture with PT MCS Bina Energi, marking a significant step in its expansion into the Southeast Asian renewable energy market. The partnership, formalized through a Joint Venture and Shareholders’ Agreement (JVA), involves Samaiden’s wholly-owned subsidiary, Samaiden SG Pte Ltd.

Under the new agreement, Samaiden and MCS will establish a joint venture company in Indonesia, focusing on developing renewable energy projects including solar photovoltaic (PV) systems, power plants, and build-own-operate-transfer (BOOT) projects. The joint venture will also provide consulting services for renewable energy initiatives.

The new entity will operate with an authorized capital of IDR 10 billion (approximately RM 2.8 million), with Samaiden holding a 70% stake and MCS owning the remaining 30%. Samaiden will bring its technical expertise in engineering, procurement, construction, and commissioning (EPCC) of solar PV systems, while MCS will leverage its extensive local business network and regulatory knowledge.

Datuk Ir. Chow Pui Hee, Group Managing Director of Samaiden, highlighted the importance of this venture, stating, “This joint venture represents a key milestone in our Southeast Asia expansion strategy. Indonesia’s strong commitment to renewable energy aligns perfectly with Samaiden’s vision of promoting clean energy across the region. We are confident that this collaboration will enhance our ability to deliver renewable energy solutions and contribute positively to both our financial performance and regional sustainability goals.”

This announcement follows Samaiden’s impressive financial results for the fiscal year 2024, where the company reported a revenue increase of 33% to RM227.2 million, up from RM170.8 million in FY 2023. The Group’s profit before taxation surged by 63.2% to RM21.86 million, underscoring its successful positioning in the growing renewable energy sector.

With a robust order book of RM313.52 million as of June 30, 2024, Samaiden is well-positioned for continued growth and success in the renewable energy market. The new joint venture with MCS Bina Energi is expected to further solidify Samaiden’s presence and drive significant advancements in renewable energy projects across Indonesia.