KUALA LUMPUR (Jan 31): Malakoff Corporation Bhd (KL:MALAKOF) has completed its acquisition of ZEC Solar Sdn Bhd and TJZ Suria Sdn Bhd.
In a statement on Friday, the group said it had fulfilled all conditions precedent under the share sale and purchase agreement for the acquisition of 22.39 million shares, representing a 51% equity interest in ZEC Solar, and 49,000 ordinary shares, representing a 49% equity stake in TJZ Suria.
“The acquisition is expected to immediately increase the group’s effective capacity to 159 megawatts (MW) in the renewable energy (RE) sector, and optimise operational costs through resource synergies, resulting in economies of scale,” it said.
Malakoff managing director and chief executive officer Anwar Syahrin Abdul Ajib said the acquisition emphasised the company’s continued commitment to supporting the country’s National Energy Transition Roadmap in addressing the challenges posed by climate change, energy security, and ensuring long-term sustainability.
“It also provides a reference plant to meet the requirements of future large-scale solar bidding exercises, both domestically and internationally.
“Adding to this, we have also ventured into hydropower project via RP Hydro (Kelantan) Sdn Bhd's Sungai Galas project, with a capacity of 84MW,” he said.
Anwar Syahrin said Malakoff had also secured solar power purchase agreements with major industry players, including DRB-Hicom Bhd (KL:DRBHCOM), UMW, Railway Assets Corporation, and Keretapi Tanah Melayu Bhd.
“There is an undeniable sense of momentum at Malakoff, as we accelerate the country’s energy transition.
“It is a testament to our commitment towards contributing to the nation’s target of achieving net zero emissions as early as 2050, and increasing RE capacity to 70% within the same period, fostering a greener future,” he added.
Malakoff closed one sen or 1.16% higher at 87 sen on Friday, giving it a market capitalisation of RM4.35 billion.
Uploaded by Tham Yek Lee