Green & Smart Holdings plc AGM Statement (1107F)
October 25 2018 - 2:00AM
UK Regulatory
TIDMGSH
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 +603 2095 0024
Cantor Fitzgerald Europe (Nominated Adviser
and Broker)
Phil Davies, Richard Salmond +44 20 7894 7000
Luther Pendragon Ltd (Financial PR)
Claire Norbury, Alexis Gore +44 20 7618 9100
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END
AGMFKQDBDBDBFKB
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