INTRODUCTION
The Board of Directors of IBRACO, wishes to announce that its associate company, Equinox Power Sdn Bhd ("EQUINOX") had on 25 June 2026, executed the Power Purchase Agreement ("PPA") with Syarikat SESCO Berhad ("SESCO").
INFORMATION ON THE PPA PARTIES
EQUINOX (Registration No.: 202601008498 (1670596X)), is a company incorporated under the laws of Malaysia and having its registered office at F24, 1st Floor, Emporium, Jalan Tun Jugah, 93350 Kuching, Sarawak, Malaysia.
SESCO (Registration No.: 200401034422 (672931-A)) is a company incorporated under the laws of Malaysia and having its registered office at 9th Floor, Menara Sarawak Energy, No. 1, The Isthmus, Kuching, Sarawak, Malaysia.
SALIENT TERMS OF THE PPA
EQUINOX will design, construct, own, operate and maintain a solar photovoltaic energy generating facility with a capacity of 100 MWac to be located in Lot 77 Block 7, Kemena Land District, Similajau, Bintulu Division, Sarawak, to generate and deliver solar photovoltaic energy to SESCO ("Facility").
The PPA governs the obligations of the parties to sell and purchase the energy generated by the Facility for a period of 30 years from the proposed commercial operation date in December 2029, in accordance with the terms and conditions in the PPA.
FINANCIAL EFFECTS OF THE PPA
The PPA is not expected to have any material impact on the earnings and net assets of IBRACO Group of companies ("IBRACO Group") for the financial year ending 31 December 2026. Nonetheless, it is expected to contribute positively to the future earnings of IBRACO Group from the commencement of commercial operations of the Facility.
RISK FACTORS
The Company does not foresee any extraordinary risk other than the normal operational risks associated with the Facility. Nevertheless, the Company will take the necessary steps to mitigate the risks as and when they occur.
DIRECTORS AND SUBSTANTIAL SHAREHOLDERS' INTEREST
None of the Directors or substantial shareholders of IBRACO or persons connected with them has any interests, direct or indirect, in the PPA.
STATEMENT BY DIRECTORS
The Board of Directors of IBRACO is of the opinion that the execution of the PPA is in the best interest of IBRACO Group.
APPROVAL REQUIRED
The PPA does not require the approval of the shareholders of the Company or any relevant regulatory authorities.
This announcement is dated 25 June 2026.