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NewsMalakoff buys stake in Bahrain power plant
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Malakoff buys stake in Bahrain power plant
by hlk Sat 12 May 2012, 10:43
PETALING JAYA: MMC Corp Bhd, through its 51%-owned subsidiary Malakoff Corp Bhd, is acquiring a stake in a power generation and water desalination plant in Bahrain for US$113.4mil (RM348mil).
In a filing with Bursa Malaysia yesterday, MMC said Malakoff had acquired the entire issued and paid-up capital of IP Middle East Holding Company Ltd (IPME) from International Power Holdings Ltd (IPR).
As a result, Malakoff will hold an inderect 40% equity interest in Hidd Power Company BSC (c) Bahrain (HPC) through IPME. IPME owns a 57.1% stake in IPSUM Hidd Holding Company Ltd, which in turn owns a 70% stake in HPC.
HPC is the owner and operator of a “build, own and operate” power generation and water desalination plant in Bahrain.
MMC Corp shares closed 2 sen higher at RM2.73 yesterday.
In a filing with Bursa Malaysia yesterday, MMC said Malakoff had acquired the entire issued and paid-up capital of IP Middle East Holding Company Ltd (IPME) from International Power Holdings Ltd (IPR).
As a result, Malakoff will hold an inderect 40% equity interest in Hidd Power Company BSC (c) Bahrain (HPC) through IPME. IPME owns a 57.1% stake in IPSUM Hidd Holding Company Ltd, which in turn owns a 70% stake in HPC.
HPC is the owner and operator of a “build, own and operate” power generation and water desalination plant in Bahrain.
MMC Corp shares closed 2 sen higher at RM2.73 yesterday.
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