KUALA LUMPUR: Mega First Corp Bhd has proposed to acquire 3.38 million ordinary shares, representing a 20 per cent equity interest, in Don Sahong Power Co Ltd (DSPC) for US$85 million.

In a Bursa Malaysia filing today, Mega First Corp said it has entered into a share transfer agreement via its subsidiary Mega Ventures Ltd, with vendor and stakeholder EDL-Generation Public Co.

DSPC operates the Don Sahong Hydropower plant in Laos.

EDL-Gen’s principal activity is generating and selling electricity, investing in power generation assets and providing operation and maintenance services to power generation assets.

“The proposed acquisition will enable Mega First to increase its shareholding in a proven and profitable renewable energy asset,” the filing said.

On completion of the acquisition, its effective interest in DSPC will be increased to 91.25 per cent from 80 per cent. The proposed acquisition is expected to be completed by Dec 31, 2023. – Bernama