SINGAPORE-BASED ENERGY SERVICES M&V TO STRENGTHEN PRESENCE IN MALAYSIA

KUALA LUMPUR, Sept 22 (Bernama) -- Energy services company Measurement & Verification Pte Ltd (M&V) aims to strengthen its position in Malaysia by providing solutions for data centres and commercial buildings in Kuala Lumpur and Johor Bahru.

The company provides cutting edge one-stop, turnkey energy solutions and energy consultancy to commercial and industrial facilities owners.

bootstrap slideshow

M&V managing director Steven Kang told reporters during a media visit to M&V in Singapore recently that the company plans to concentrate in both areas, particularly Johor Bahru due to data centres proliferating there.

"Proximity to Singapore is helpful because our Malaysian office is quite small and often needs support from the Singapore office. When we do projects in Johor, it will be easy for us to reach the jobsite. For Kuala Lumpur, we target commercial buildings as the city has more buildings than Singapore,” Kang said.

“Singapore has been pursuing energy efficiency longer than Malaysia and the government is stricter. We have learned quite a lot in the last 15 years and we have a lot to contribute to Malaysia's energy efficiency journey," he said.

Kang said M&V aims to grow its revenue by 10 per cent per year by growing performance-based service contracts. The company is currenty bidding for a project in Johor Bahru and expects the outcome by end-2022. 

"Apart from our services in energy efficiency, we also offer a data centre infrastructure management system as data centres have many critical equipment like uninterruptible power supply and cooling systems," he added. 

He said the company is also working on other projects in commercial buildings with property developers in Malaysia and it is also considering acquiring small to medium-sized businesses in Malaysia.

M&V currently has an orderbook of SG$50 million, of which half will be realised next year and the remaining SG$25 million spread between 2024 and 2025.

“Our contract renewal rate is very high because our contracts are tied to energy efficiency and that needs special skills,” said Kang.

M&V is an indirect subsidiary of PRG Holdings Bhd (PRG), an investment holding company involved in the provision of management services including property development, manufacturing and construction. 

In November last year, PRG's 54.19 per cent-owned subsidiary Furniweb Holdings Ltd (FHL) signed a sale and purchase agreement to acquire 37.25 per cent of Energy Solution Global Ltd's issued and paid-up capital for HK$9.56 million (approximately RM5.11 million).

Furniweb completed its 100 per cent acquisition of M&V in late August. 

PRG group executive vice chairman Datuk Lua Choon Han said the group is confident that the energy efficiency business will be highly sought, after especially after the introduction of the proposed net zero carbon framework.

In March this year, Minister in the Prime Minister’s Department (Economy) Datuk Seri Mustapa Mohamed said the government hopes to announce details of its 2050 net zero emissions target this year. 

Mustapa said  the government is still in the process of developing the framework which includes exploring the introduction of a voluntary carbon market, carbon pricing mechanisms such as carbon tax, and the expansion of green technology tax incentives. 

Lua sees good prospects ahead. He said a lot of companies are starting solar companies while PRG has been in the market for a decade and was among the first to enter this market.

-- BERNAMA