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PETALING JAYA: Electrical and mechanical engineering services provider Kejuruteraan Asastera Bhd (KAB) and investment holdings company Pinetree Field Sdn Bhd signed a memorandum of understanding (MoU) today to raise RM100 million in two years via private placement to spur KAB’s plans to expand into telecommunications and hydro power.

KAB managing director Datuk Lai Keng Onn said the company is growing rapidly and is expanding to different sectors such as telecommunications and hydro power.

“We would want to have more funds to be ready for further expansion due to hydro power being capital intensive. We have also recently ventured into the telecommunications sector with over 1,000 sites and that is investment heavy as well,” he told reporters at the MoU signing ceremony.

He mentioned that the group’s first hydro power project is in Indonesia and said further ventures will be announced soon.

Pinetree Field founder Sophia Chin said: “We find that KAB is worth investing (in) and we have the trust and faith in them with all their projects and their planning with their energy savings (concept).”

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