Malakoff shares flat despite two new renewable energy projects
09 Jan 2018 / 11:44 H.
PETALING JAYA: Shares of Malakoff Corp Bhd was flat at RM1.02 this morning, despite announcing its plans to co-develop two energy projects, namely large scale solar photovoltaic and mini hydro power in Pahang, with an estimated total development cost of RM1.3 billion.
As at 10.56am, the stock stood at RM1.02 with 13.2 million shares changing hands. The group has a market capitalisation of RM5.2 billion.
Yesterday, the power producer signed a memorandum of understanding (MoU) with Touch Meccanica Sdn Bhd to embark on its first renewable energy project in the country.
Malakoff CEO Datuk Ahmad Fuaad Kenali said the group expects a high single-digit, close to double-digit returns from the project investment.