MALAKOF

0.630

-0.01 (-1.6%)

OTHERS Malakoff Corporation Berhad ("MCB" or "Company") - Proposed disposal by Tuah Utama Sdn Bhd ("TUSB"), a wholly-owned subsidiary of MCB, of its 65% equity interest each in Batu Bor Hidro Sdn Bhd and Lubuk Paku Hidro Sdn Bhd

MALAKOFF CORPORATION BERHAD

Type Announcement
Subject OTHERS
Description
Malakoff Corporation Berhad ("MCB" or "Company")
- Proposed disposal by Tuah Utama Sdn Bhd ("TUSB"), a wholly-owned subsidiary of MCB, of its 65% equity interest each in Batu Bor Hidro Sdn Bhd and Lubuk Paku Hidro Sdn Bhd

Further to the announcements made by the Company on 18 September 2019, 23 December 2019, 26 December 2019, 22 May 2020, 29 May 2020 and 23 June 2020, the Board of Directors of MCB wishes to announce that MCB, TUSB, Touch Meccanica Sdn Bhd (“TMSB”), Batu Bor Hidro Sdn Bhd (“BBHSB”) and Lubuk Paku Hidro Sdn Bhd (“LPHSB”) had on 11 August 2021 entered into a termination agreement (“Termination Agreement”) whereby TUSB agrees to dispose of its entire shareholding, comprising 650,000 ordinary shares representing 65% equity interest each, in BBHSB and LPHSB to TMSB, the existing 35% equity shareholder of BBHSB and LPHSB, for a total cash consideration of RM2.0 million (“Proposed Disposal”), and the parties thereto agree to terminate the relevant joint development agreement and shareholders’ agreements with immediate effect upon the terms and conditions therein.

TMSB shall, where applicable, procure the approvals for the change in shareholding structure of BBHSB and LPHSB from the relevant authorities/parties and MCB shall facilitate and assist TMSB in procuring such approvals.            

Upon the completion of the Proposed Disposal, MCB and TUSB shall cease to have any participating interest in the two proposed small hydro projects at Sungai Pahang.

Financial Impact

The Proposed Disposal is not expected to have any material effect on the earnings and net assets of MCB Group for the financial year ending 31 December 2021.

Interests of Directors, Major Shareholders and Persons Connected

None of the directors or major shareholders of MCB or persons connected to them have any interest, direct or indirect, in the Proposed Disposal.

 

This announcement is dated 11 August 2021.






Announcement Info

Company Name MALAKOFF CORPORATION BERHAD
Stock Name MALAKOF
Date Announced 11 Aug 2021
Category General Announcement for PLC
Reference Number GA1-11082021-00100