Mudajaya's unit to sell 76% stake in Bera Hydropower

TheStar Thu, Dec 22, 2022 08:44pm - 1 year View Original


KUALA LUMPUR: Mudajaya Group Bhd’s wholly owned subsidiary Mudajaya Energy Sdn Bhd (MESB) has entered into a share sale agreement with Wazan Corporation Sdn Bhd (WCSB) to dispose of the entire 76 per cent stake in Bera Hydropower Sdn Bhd (BHSB) for RM1.

In a filing with Bursa Malaysia today, Mudajaya Group said upon completion of the disposal, BHSB would cease to be a subsidiary of MESB.

MESB, WCSB, Modal Khas Group Sdn Bhd and BHSB have also agreed to terminate the shareholders’ agreement and joint venture agreement with immediate effect. The disposal and termination of agreement are not expected to have any material effect on the earnings and net assets of Mudajaya Group for the financial year ending Dec 31, 2022.

In December 2020, BHSB has been selected as one of the successful bidders in a competitive Feed-in Tariff e-bidding small hydro tender exercise by the government.

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