BUSINESS

MALAKOFF ACQUIRES EQUITY IN ZEC SOLAR AND TJZ SURIA

24/05/2024 12:41 PM

KUALA LUMPUR, May 24 (Bernama) -- Malakoff Corporation Bhd has entered into a conditional share sale and purchase agreement with Zelleco Engineering Sdn Bhd for two acquisitions.

Under the agreement, Malakoff will acquire 22.39 million ordinary shares, representing a 51 per cent equity interest in ZEC Solar Sdn Bhd, and 49,000 ordinary shares, representing a 49 per cent equity interest in TJZ Suria Sdn Bhd.

In a statement, the multinational energy generation and environmental solutions company said the acquisition is expected to immediately increase its effective capacity to 128 megawatts (MW) in the renewable energy (RE) sector and optimise operational costs through resource synergies, resulting in economies of scale.

“ZEC Solar is the owner and developer of the large-scale solar (LSS) facility with a capacity of 29 MW, located in Kota Tinggi, Johor.

“This acquisition offers Malakoff an opportunity to expand its capacity and portfolio in the RE sector. It also aligns with the National Energy Transition Roadmap (NETR), demonstrating Malakoff’s strong support and commitment to accelerating the national green and sustainable growth agenda,” it said.

Malakoff managing director and group chief executive officer Anwar Syahrin Abdul Ajib said: “It will add 15 MW of solar capacity to our portfolio, bringing the total of Malakoff’s installed RE capacity to 168 MW.

“This initiative will also be overseen by our operations and maintenance team, ensuring seamless and efficient project execution and management.

“This expansion will significantly enhance Malakoff's technical capabilities and provide a reference plant to meet the requirements of future LSS bidding exercises, both domestically and internationally,” he added.

-- BERNAMA


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