KUALA LUMPUR: Jentayu Sustainables Bhd, which saw its share price come under pressure in recent days, has asserted confidence that price fluctuations are short-term and not indicative of the company's fundamentals.

       “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 said in a statement.

       Jentayu closed 4.5 sen, or 9% higher at 54.5 sen with 99.39 million shares traded. The counter has fallen some 58% in the last five trading sessions.

       “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 RM2.8bil, 170 MW run-of-river hydropower plant Project Oriole by mid 2024,” it said.

       As of Jan 3, regulatory authority regarding the power industry in Sabah has been moved from the Federal Energy Commission (EC) to the Energy Commission of Sabah (ECOS).

       Today, Jentayu had an encouraging meeting with ECOS, bringing the group another step closer to signing its PPA for Project Oriole.

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       “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,” it said.