Malakoff mulls over buying 1MDB's Edra Energy power assets



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KUALA LUMPUR (May 15): Malakoff Corp Bhd is mulling over acquiring power assets owned by 1Malaysia Development Bhd (1MDB) held via Edra Energy Global Bhd, if it is transacted at the right price and fits the group's business profile.

"We are always looking for opportunities to buy power assets, from any parties including 1MDB, if it is done at the right price, fits into our profile, and gives good returns that will give value to our company," Malakoff chief executive officer Datuk Seri Syed Faisal Albar told reporters after the group's listing ceremony today.

But Faisal said Malakoff is not in talks with 1MDB at the moment to buy its power assets.

"No, we are not in talks with 1MDB. We were very much focused with our listing and I think we need to relax a bit after all the hard work for the listing," he added.

On whether Malakoff intends to acquire stakes in Edra Energy should the latter lists its shares, Faisal said the group does not operate as "a financial investor model, but more of owning and operating power assets".

Currently, Edra Energy has a portfolio of 15 power and desalination plants in five countries with a net effective power generation capacity of 5,594MW.