KUALA LUMPUR (Oct 27): Malakoff Corp Bhd has proposed to acquire a 49% stake in a solid waste management company, E-Idaman Sdn Bhd, for RM133.20 million cash.

Malakoff said E-Idaman's wholly-owned subsidiary, Environment Idaman Sdn Bhd, provides waste collection and disposal services for municipal waste under a 22-year concession granted by the federal government for the provision of solid waste collection and public cleansing management services for Kedah and Perlis.

Malakoff said its wholly-owned unit Tuah Utama Sdn Bhd is buying the stake from Metacorp Bhd.

“The proposed acquisition presents an opportunity for the group to expand its waste management and environmental services business, and establish a stronger foothold in this rapidly evolving industry landscape," the group said in a bourse filing on Friday.

“The expansion in waste management and environmental services businesses is in line with the group’s sustainability commitments and environmental, social and governance strategy.

“It is also a continuation of the group’s transformation with the portfolio diversification that integrates environmental services in order to achieve a zero waste circular economy,” added Malakoff.

Shares in Malakoff finished 0.83% lower at 60 sen on Friday, giving the group a market capitalisation of RM3 billion.