Malakoff buys HICOM’s power unit for $189M

Malakoff Power is buying DRB-HICOM Bhd’s power plant operation and maintenance unit for US$189.39 million.

The purchase of HICOM Power comes as builder MMC Corp Bhd, which owns 51 per cent of Malakoff, plans a US$1 billion initial public offering in the first quarter of next year.

“The proposed acquisition represents an opportunity for MMC to strengthen its energy and utilities segment by consolidating the assets of HICOM Power with those of Malakoff,” said MMC.

The acquisition will provide an immediate contribution to Malakoff’s profits, MMC added.

MMC expects the proposed acquisition to be completed by the end of the year.

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