Tuesday, 8 May 2012

MMC Corp could divest part of controlling stake in Malakoff Corp, says MD

KUALA LUMPUR (May 8): MMC Corp Bhd's planned relisting of 51% subsidiary Malakoff Corp Bhd could involve an offer for sale of MMC's stake in Malakoff and sale of new shares in the subsidiary.

Its group managing director Datuk Hasni Harun said on Tuesday that the the firm could divest a minimum of 25% of its 51% controlling stake in Malakoff which owns power plants.

Hasni said the proceeds from Malakoff's relisting would be used to pare down MMC's debt and raise fresh capital for the parent company.

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