Catalist-listed Mooreast Holdings 1V3 has opened its sales office in Taiwan, marking its foray to Northeast Asia.
Taiwan offers one of the most exciting floating renewable markets in the region, the company says in a filing.
“A physical presence in Taiwan will spur collaboration with contractors and partners to offer differentiated service and solutions to our customers,” says Mooreast chairman Joseph Ong.
Together with its partners in the region, Mooreast will jointly offer engineering, procurement, construction and installation services for floating energy projects.
The Taiwan expansion is part of Mooreast’s broader transformation to meet anticipated demand in the emerging floating offshore renewable market.
On June 19, the company announced it intends to acquire a 98,919 sqm facility from a subsidiary of Seatrium Limited. This will quadruple its production capacity in Singapore to better serve the fast-growing floating offshore renewable sector.
See also: Interra Resources granted 12-month extension to meet SGX watch-list exit requirements
Mooreast has also signed a non-binding term sheet to secure a $20.01 million convertible loan from SG-RT FUND, a sub-fund of CEC-SG VCC, a Singaporeregistered umbrella variable capital company managed by N PrimePartners Capital on June 13. The funds will provide essential working capital for its FY2024 and support its growth strategies.
Shares in Mooreast traded flat on June 25 at 11.3 cents.
