PETALING JAYA: MMC Corp Bhd’s indirect subsidiary Sterling Asia Sdn Bhd has entered into a conditional asset sale agreement with Hicom Power Sdn Bhd, a unit of DRB-Hicom Bhd
, to acquire the entire business, including all of the assets and liabilities of the latter, for RM575mil cash.
The proposed acquisition represented an opportunity for the MMC Group to “strengthen its energy and utilities segment by consolidating the assets of Hicom Power with those of Malakoff Corp Bhd”, MMC said in a filing with the stock exchange.
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