Artcile 34 : "Shall not actively engage in any commercial enterprise"

Listed firms Reneuco and Citaglobal, via a 50:50 JV, have won a tender to develop an independent power producer (IPP) project for the ECRL network.

Citaglobal's substantial owners are Norza Zakaria and Yang di-Pertuan Agong Sultan Abdullah. Reneuco is formerly KPower

PRESS RELEASE IMMEDIATE RELEASE Citaglobal consortium wins award to become IPP for ECRL Project awarded a Letter of Intent to become the independent power producer (IPP) for the East Coast Rail Link (ECRL) project (ECRL IPP Project).

The 50:50 joint venture consortium comprises Citaglobal and Reneuco.

This award follows a request for proposal from Malaysia Rail Link Sdn Bhd (MRL) for the development of an independent and renewable power producer project for the ECRL project.

The consortium received and accepted a Letter of Intent from MRL on 21 Dec 2022 to be granted as IPP for the ECRL IPP Project, following the request of proposal exercise.

In accordance to the letter, MRL intends to engage the consortium for the planning, design, financing, development, construction, installation, completion, commissioning and operation of the ECRL IPP Project.

The award is subject to the execution of a formal contract agreement to be entered into between the consortium members, Citaglobal and Reneuco with MRL in due course.

“We are grateful and honoured to have won this national contract via a competitive bidding exercise. Citaglobal will definitely do its part in executing and realising the ECRL IPP Project together with our partner, Reneuco. Winning this contract is in alignment with Citaglobal’s business focus and vision, - which is to become a major player in the renewable energy segment, and at the same time build a recurring income base for the company moving forward,”