Jentayu Sustainables Berhad acknowledges that it has been a challenging week at the stock market, as we were one of several counters that saw a considerable reduction in price over the last few trading days.
We are firm in our belief that these price fluctuations are short term in nature, and are not reflective of the company’s true fundamentals.
Jentayu is well on its way to achieve its target for sustainable financial performance with the injection of the run-of-river hydropower plant Telekosang Hydro into Jentayu poised to be completed by Q2 2024. We are pleased to note that Telekosang Hydro was fully commissioned in December 2023.
We are also on track as planned to execute the Power Purchase Agreement (PPA) for our RM 2.8 billion, 170 MW run-of-river hydropower plant Project Oriole by mid 2024.
As of January 3rd, 2024, regulatory authority regarding the power industry in Sabah has been moved from the Federal Energy Commission (EC) to the Energy Commission of Sabah (ECOS), and just today, Jentayu had an encouraging meeting with ECOS, bringing us yet another step closer to signing our PPA for Project Oriole.
These developments put Jentayu in a much better financial and commercial position than ever, and we are very optimistic going into 2024 as years of hard work are set to bear fruit in the first half of this year.
According to various press reports, our recent stock price fluctuations could be due to an unwinding of positions. This unwinding could have triggered forced selling of Jentayu shares.
We give our investors and shareholders every assurance that these developments neither affect nor reflect Jentayu’s fundamentals which continue to grow from strength to strength, and will not deter us from being on track to achieving our goals for this year as planned.
We are humbled by the continued faith our long term investors have shown in us, and we remain steadfast in our commitment to being worthy of that faith.