Malakoff Corporation Berhad (KLSE:MALAKOF) agreed to acquire an unknown stake in Zec Solar Sdn. Bhd. and TJZ Suria Sdn.

Bhd. from Zelleco Engineering Sdn Bhd on May 23, 2024. The consideration consists of MYR 27 million in cash.

Malakoff Corporation Berhad will acquire 51% equity interest in ZEC Solar Sdn Bhd and 49% stake in TJZ Suria Sdn Bhd. Prior to the transaction, Malakoff Corporation Berhad owned 49% stake in ZEC Solar. ZEC solar has received approval from the Energy Commission, existing lender(s), land owner and for the solar facility.

The proposed acquisition is expected to be completed within 3 months from the signing date of the agreement.