No pact with CEB on battery project: Panasian Power

Panasian Power PLC denied claims circulating on social media that it had entered into a definitive agreement with the Ceylon Electricity Board (CEB) for a battery pack project and secured funding from the Asian Development Bank (ADB).

The company clarified in a stock exchange filing that no such agreement has been signed, nor has any funding been obtained for the purported engagement.

“These claims are inaccurate. Panasian Power PLC has not secured any funding for a battery pack engagement, nor has the Company entered into any definitive agreements with the CEB in this regard,” the company said.

Panasian Power added that any material developments would be disclosed in accordance with regulatory requirements and advised stakeholders to rely only on official communications issued by the company.