{
  "id": 5090951,
  "title": "Zecon proposed to sublease land for RM54.36mil in related party deal",
  "url": "https://urgent.news/2026/09/02/zecon-proposed-to-sublease-land-for-rm54-36mil-in-related-party-deal",
  "topic": "world",
  "section": "World",
  "published": "2026-09-02T12:52:12.000Z",
  "source": {
    "name": "New Straits Times",
    "slug": "new-straits-times",
    "url": "https://www.nst.com.my/business/corporate/2026/09/1524490/zecon-proposed-sublease-land-rm5436mil-related-party-deal"
  },
  "original_language": "en",
  "account": "KUALA LUMPUR: Zecon Bhd's wholly-owned subsidiary, Zecon Renewables (Sarawak) Sdn Bhd, has proposed subleasing a portion of land in Kuching, Sarawak to a related party for RM54.36 million. The agreement involves leasing 122.18 hectares of land for 30 years at a monthly rate of RM500 per acre, totaling RM151,000 monthly and RM1.81 million annually. The land is part of the Kota Petra Green Technology Park and is approved for a 100 megawatt alternating current (MWac) solar photovoltaic farm. This sublease aligns with Zecon's plan to develop the facility, which will be designed, constructed, owned, operated, and maintained by Zecon Renewables and supply electricity to Syarikat SESCO Bhd. The proposal is part of Zecon's strategy for its renewable energy division and will provide the group with long-term access to a strategic site. Additionally, Zecon has proposed an employee share option scheme, with a maximum of 15% of the company's total issued shares to be issued and listed on Bursa Securities' Main Market. The proceeds from this scheme will be used to fund the group's working capital, and both proposals are expected to be completed by the fourth quarter of 2026.",
  "summary": "KUALA LUMPUR: Zecon Bhd's wholly owned subsidiary Zecon Renewables (Sarawak) Sdn Bhd (ZRSSB) has proposed subleasing a portion of land in Kuching, Sarawak from Zecon Solar Sdn Bhd (ZSSB) in a related party transaction for RM54.36 million.",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}