Friday, 11 May 2012

Malakoff Intl buys indirect stake in Bahrain power, desalination plant

KUALA LUMPUR (May 11): MMC CORPORATION BHD []'s 51%-owned subsidiary Malakoff International Ltd (MIL) has acquired the entire issued and paid up capital of IP Middle East Holding Co Ltd (IPME) from International Power Holdings Ltd (IPR) for US$113.4 million (RM348 million).

In a filing to Bursa Malaysia Securities on Friday, MMC Corp said that as a result of the acquisition, MIL will hold an indirect 40% equity interest in Hidd Power Company B S C (c) Bahrain ("HPC") through IPME, which owns a 57.1% equity interest in IPSUM Hidd Holding Co Ltd, which in turn owns a 70% equity interest in HPC.

"HPC is the owner and operator of a 'Build, Own and Operate' power generation and water desalination plant in Bahrain," it said.

The filing confirmed a report by The Edge Financial Daily on May 3, which said that Malakoff Corp had acquired a 40% stake in Hidd Power Co (HPC), a power and water generation provider located in Bahrain.The deal was signed in Bahrain on Monday, citing reports by the Gulf Daily News and the Bahrain News Agency.

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