T7 Global bags RM21.17mil TNB job

KUALA LUMPUR: T7 Global's subsidiary T7 Wenmax Sdn Bhd has received a contract worth RM21.17 million from Tenaga Nasional Bhd (TNB) for the supply of 79,800 units of single phase radio frequency smart metres with 19,950 units of three phase radio frequency smart metres.

This is in line with TNB's ongoing implementation of the advanced metering infrastructure (AMI), said T7 Global in a filing with Bursa Malaysia.

"With the rollout of the AMI, the system will allow daily electricity consumption to be recorded and converted into data, which will assist consumers to have better control over their electricity consumption and reduce carbon emissions," T7 Global Group chief executive officer Tan Kay Zhuin said.

According to TNB's annual report 2022, the targeted smart metres to be installed is nine million units by the end of 2029 and we look forward to continued participation in this project, he said.

Tan said the award is expected to contribute positively towards the company's earnings and net assets per share for the financial years ending Dec 31, 2023, to 2025.

"We are committed to tackle the climate crisis through the use of technology and supporting TNB in achieving their Net Zero aspirations," he added.

As at 2.41pm, T7 Global's share price was up 3.37 per cent to 47 sen.