KUALA LUMPUR (Feb 28): Malakoff Corp Bhd (KL:MALAKOF) on Friday completed the acquisition of a 49% stake in solid waste management company, E-Idaman Sdn Bhd, after multiple extensions of the cut-off dates.

Malakoff's wholly owned unit Tuah Utama Sdn Bhd had agreed to buy the stake from Metacorp Bhd for RM133.2 million on Oct 27, 2023. The acquisition was initially scheduled to be completed within six months.

However, the deadline for fulfilling the conditions precedent has been extended four times — first to July 6, 2024, then to Oct 28, 2024, followed by Jan 28, 2025, and most recently by April 25, 2025.

“With the transaction now finalised, E-Idaman officially becomes an associate company of Malakoff, further strengthening our strategic presence in the waste management and environmental services sector,” Malakoff said to the bourse.

The independent power producer said that the acquisition is aligned with the company’s strategic ambition to strengthen its presence in the waste management and environmental services sector. 

“This move enhances our position in the northern region’s non-concession segment, leveraging E-Idaman’s established market presence,” Malakoff said.

The acquisition will immediately increase Malakoff’s waste management capacity by an estimated 700 tonnes per day (TPD), raising its total effective waste volume by 12% from 5,615 TPD to 6,315 TPD, said Malakoff managing director and group chief executive officer Anwar Syahrin Abdul Ajib.

“This expansion strengthens our role in delivering sustainable waste solutions and supports our long-term target of managing 10,000 TPD by 2031,” he said.

Shares of Malakoff closed down two sen or 2.38% to 82 sen on Friday, valuing the group at RM4.1 billion. 

Read also:
Malakoff to buy 49% stake in solid waste management firm for RM133m
Malakoff extends E-Idaman stake buy cut-off date for third time