Thursday July 5, 2012
Cyberview in tie-up with French firm for energy services
By NG BEI SHAN
Cyberview managing director Hafidz Hashim said the move would enable PMSB to leverage on GDF SUEZ's know-how to further expand its district cooling business.
The company would also be able to gain capital expenditure from this divestment which is needed for its growth.
“Network planning and services that we provide is getting complicated as we move on. We are pleased to enter into this agreement with GDF SUEZ which has a broad spectrum of business activities as well as global expertise.
“The agreement will add value not just to PMSB and Cyberview but also to the initiatives being pursued for the progress of Cyberjaya,” he said after the signing of a term sheet agreement. Hafidz signed on behalf of Cyberview while GDF ZUEZ was represented by chief executive director Jerome Tolot.
Tolot said PMSB was chosen because it was a good company that had built efficient plants.
He said the transaction would be funded via the company's equity and financing from bank. The partnership is expected to be finalised in August.
PMSB's district cooling plants, with a capacity of 19,000RT (a pseudo-unit of energy), now serve 37 major buildings in Cyberjaya. The system employs a network of underground supply pipes that distributes chilled water from its central to cool buildings with higher energy efficiency.
PMSB recorded a profit of RM15mil last year.
“It is heavy on capital expenditure for a plant of this scale. Currently, we are making about 8% return on investment.
“Our way forward is to go beyond the borders of Cyberjaya, which is naturally the Klang Valley. Later on, (we will move on to) other parts of the country,” Hafidz said.
He added that the company was eyeing a project “somewhere in greater Kuala Lumpur”.