Corporation Bhd strengthen business portfolio energy when buying the entire share capital and issue IP Middle East Holding Company Ltd (IPME) from International Power Holdings Ltd. (IPR) in a transaction valued at U.S. $ 113.4 million (RM348 million). Purchase was made Malakoff also 51 percent owned subsidiary of the local engineering conglomerate MMC Corporation Bhd through wholly-owned subsidiary, Malakoff International Ltd.
IPME established on December 13, 2005 is an investment holding company.
Authorized share capital of the company is U.S. $ 100 million comprising 100 million ordinary shares of U.S. $ 1 per share, of which 56.26 million ordinary shares of U.S. $ 1 per share has been issued and fully paid.
MMC in a filing to Bursa Malaysia yesterday said the acquisition allows Malakoff International master 40 per cent equity interest indirectly in the Hidd Power Company BSC (c) Bahrain (HPC) through IPME with 57.1 per cent interest in the shares of Holding Company Ltd. ipsum Hidd. ipsum Hidd Holding Company owns 70 percent equity interest in HPC, MMC said in the statement . statement added, HPC is the owner and operator of the plant de salt water and power by using the model built, owned and operate "in Bahrain. "The acquisition is not any material impact on net assets per share and net income per share and the company's gearing level MMC for the year ended December 31, 2012. "None of any director and main shareholder of MMC or individuals associated with them have any interest, either directly or indirectly in the purchase," he said. Malakoff signed an agreement to buy 40 percent interest in the HPC at a ceremony in Bahrain, earlier this week. Purchase is the first solo overseas ventures by independent power producers (IPPs) of the local's largest. firm before acquiring interests in plant de salt water and power Shoaiba in Saudi Arabia dibentuknya through consortium with Tenaga Nasional Bhd (TNB) and Khazanah Nasional Berhad. Malakoff, which has the capacity to generate 5.020 megawatts (MW) in a country dominated 12 per cent stake in the factory Shoaiba. Purchase in Bahrain is part of a strategy to expand Malakoff overseas energy business portfolio. Besides Saudi Arabia, it also has operations in Algeria.