KUALA LUMPUR (Sept 18): Mega First Corp Bhd, which is involved in the renewable energy, resources and packaging sectors, has teamed up with Lao Green Power Corp Co Ltd and Enemax Trading Ltd to jointly explore new business investment opportunities in Laos.
It said the joint venture (JV) will pave the way for the company to explore new business opportunities in Laos.
In a filing with Bursa Malaysia on Monday, Mega First said it had on Sept 15 entered into a JV agreement with Lao Green Power and Enemax for this very purpose.
Under the JV, Mega First will dispose of 25% of its Mega Ventures Ltd (MVL) shares to Lao Green Power and 18.75% to Enemax for a total of US$4,594 or US$1 per MVL share, leaving Mega First with the remaining 56.25% stake in MVL.
Mega First said the JV is not expected to have any material effect on the group's earnings and earnings per share for the financial year ending Dec 31, 2023.
Mega First executive chairman and major shareholder Goh Nan Kioh and executive directors Goh Nan Yang and Goh Mei Sze are deemed interested directors as Nan Kioh is a director and major shareholder of Enemax; and both Nan Yang and Mei Sze are persons connected with Nan Kioh. Thus, the trio have abstained and will continue to abstain from all deliberations and voting at the relevant board meetings of Mega First in relation to the proposed JV.
Mega First shares closed down two sen or 0.6% to RM3.33 on Monday, giving it a market capitalisation of RM3.29 billion.