KUALA LUMPUR: Mudajaya Group Bhd
’s wholly owned subsidiary Mudajaya Energy Sdn Bhd (MESB) has entered into a share sale agreement with Wazan Corporation Sdn Bhd (WCSB) to dispose of the entire 76 per cent stake in Bera Hydropower Sdn Bhd (BHSB) for RM1.
In a filing with Bursa Malaysia today, Mudajaya Group said upon completion of the disposal, BHSB would cease to be a subsidiary of MESB.
MESB, WCSB, Modal Khas Group Sdn Bhd and BHSB have also agreed to terminate the shareholders’ agreement and joint venture agreement with immediate effect. The disposal and termination of agreement are not expected to have any material effect on the earnings and net assets of Mudajaya Group for the financial year ending Dec 31, 2022.
In December 2020, BHSB has been selected as one of the successful bidders in a competitive Feed-in Tariff e-bidding small hydro tender exercise by the government.
BHSB had entered into a renewable energy power purchase agreement with Tenaga Nasional Bhd for the project located in Pahang at the installed capacity and tariff rate of 30MW and 29 sen per kWh respectively for a period of 21 years. - Bernama
