KUALA LUMPUR (Oct 25): Malakoff Corp Bhd (KL:MALAKOF) said the deadline for the fulfilment of the conditions precedent in the group's proposed acquisition of a 49% stake in solid management company E-Idaman Sdn Bhd has been extended for a third time, to Jan 28, 2025.
Malakoff's wholly-owned unit Tuah Utama Sdn Bhd had agreed to buy the stake from Metacorp Bhd for RM133.20 million on Oct 27, 2023.
The independent power producer initially expected the acquisition, aimed at expanding its waste management and environmental services business, to be completed within six months.
However, the cut-off date for the fulfilment of the conditions precedent has been extended, first to July 6, 2024 and subsequently to Oct 28, 2024, before the latest three-month extension to Jan 28 next year.
“Malakoff wishes to announce that Tuah Utama has agreed with Metacorp for a further extension of the cut-off date,” the group said in a filing on Friday, without disclosing the reason for the delay in meeting the conditions.
Shares of Malakoff closed down 1.5 sen or 1.68% to 88 sen on Friday, valuing the group at RM4.40 billion. The counter has risen 40% year-to-date.