Kuala Lumpur: Main Market debutante, Malakoff Corporation Bhd, is inclined towards adding more coal-fired plants in the future as it would generate more revenue."As the country grows, we know that the government will want to push for more coal-fired plants simply because it is cheaper, so there is less pressure on tariff to the consumers.
"We think that we can assist the government in achieving that, however, we are not only confined to that (coal-fired plant) because most of our plants in Malaysia are gas-fired plants," Chief Executive Officer Datuk Seri Syed Faisal told a press conference after the company's listing Friday.
Malakoff Friday made its debut on the main market of Bursa Malaysia at RM1.81, for a one sen premium, over its offer price of RM1.80.
A total of 13.8 million shares were traded at the opening, bringing the total proceeds raised from the initial public offering (IPO) to approximately RM2.74 billion.
The listing of Malakoff, the largest independent power producer (IPP) in Malaysia and Southeast Asia in terms of total generation capacity, would add RM9 billion in market capitalisation to Bursa Malaysia. It was flat at RM1.80 after two hours of trading.
Chairman Tan Sri Syed Anwar Jamalullail said local assets contributed 65 per cent of Malakoff's revenue while overseas assets contributed the remaining 35 per cent.
However, the company was currently not looking to increase its overseas exposure.
Malakoff has power and water assets in Malaysia, the Middle East, North Africa region and Australia.
Going forward, the company aimed to increase its effective power generation capacity to 10,000 megawatts (MW) and expand its effective water production capacity by approximately 150 per cent by 2020.
Currently, its total effective power generation capacity stood at 6,036 megawatts while effective water production capacity was at 358,850 cubic meter per day as of March. – Bernama
