KUALA LUMPUR – Malakoff Corporation Bhd plans to acquire 71ha of land in Melaka for future renewable energy projects in line with the utility group’s target of achieving capacity to generate 10,000MW of power.
In a bourse filing today, Malakoff said its wholly owned subsidiary, Malakoff R&D Sdn Bhd, is buying the plot of land in Alor Gajah from Eksklusif Pesona Sdn Bhd for RM150 million.
According to Malakoff, the land is currently an oil palm plantation with trees between the ages of 13 and 39 years, and has produced more than 710 tonnes of fresh fruit bunches over the past three years.
“The proposed land acquisition is for the potential future development of renewable energy power plants by Malakoff and its group of companies including but not limited to large scale solar, waste to energy, biomass and biogas power plants.”
The acquisition is expected to be completed by the fourth quarter of this year, barring unforeseen circumstances, said Malakoff.
The group is also seeking to further expand into waste management after its acquisition of Alam Flora Sdn Bhd.
Malakoff’s share price dropped 2.12% at 97 sen at 4.35pm, giving the utility group a market capitalisation of RM4.85 billion. – The Vibes, September 22, 2020
