Malakoff Corp which already operates Alam Flora, said that it will through its wholly-owned subsidiary enter into a conditional share sale and purchase agreement with Metacorp Berhad for the proposed acquisition of 49,000 ordinary shares representing 49% equity interest in E-Idaman Sdn. Bhd. for a cash consideration of RM133.2 million.
E-Idaman is a private limited company with an issued and paid-up capital of RM100,000.00 comprising 100,000 ordinary shares, in which 50,000 ordinary shares. The principal activities of E-Idaman are investment holding and the provision of project management, consultancy, and contracting services in the field of solid waste management.
Its wholly-owned subsidiary, Environment Idaman Sdn Bhd provides waste collection and disposal services for municipal wastes under a 22-year concession granted by the Government of Malaysia for the provision of solid waste collection and public cleansing management services for the State of Kedah and Perlis.
Malakoff views the acquisition as an opportunity for the group to expand its waste management and environmental services business and establish a stronger foothold in this rapidly evolving industry landscape. The expansion in waste management and environmental services businesses is in line with its sustainability commitments and Environmental, Social and Governance strategy. It is also a continuation of MCB’s transformation with the portfolio diversification that integrates environmental services in order to achieve Zero Waste Circular Economy
