Reference is made to the announcements dated 13 November 2019 and 26 February 2021 in respect of the disposal of Serudong Power Sdn Bhd.

The Board of Directors of Mega First Corporation Berhad (“MFCB” or “Company”) wishes to announce that Mega First Power Industries Sdn Bhd (“MFPI”), a wholly-owned subsidiary of MFCB, together with Sabah Energy Corporation Sdn Bhd (“SEC”) and DPBS Holding Sdn Bhd (“DPBS”) (collectively referred to as “Vendors”), have entered into an agreement on 30 May 2023 to dispose off their entire respective equity interest in Serudong Power Sdn Bhd (“SPSB”) to Modular Group Sabah Sdn Bhd, Spark Choice Sdn Bhd, Zirbad Resources Sdn Bhd and Bright Eclipse Sdn Bhd (“collectively referred to as “Purchasers”), for an aggregate cash consideration of RM2,300,000.00 ("Disposal”). The sale consideration was arrived at on a willing buyer willing seller basis.

Prior to the Disposal, MFPI, SEC and DPBS hold 51%, 31.03% and 17.97% equity interest in SPSB, respectively.  SPSB will cease to be a subsidiary of MFCB after the Disposal. 

The Disposal will not have any material effect on the net assets per share, earnings per share and gearing of MFCB for the financial year ending 31 December 2023.

None of the directors or substantial shareholders of MFCB or persons connected to them has any interest, direct or indirect, in the Disposal.

This announcement is dated 30 May 2023.