Malakoff appoints related party MMC Engineering for RM26.85mil project
KUALA LUMPUR: Malakoff Corp Bhd’s unit Alam Flora Environmental Solutions Sdn Bhd has appointed MMC Engineering Sdn Bhd for RM26.85 million worth of construction works for its Sustainable Facility and Eco-Park Centre in Kemaman, Terengganu.
Malakoff Corp Bhd's subsidiary, Alam Flora Environmental Solutions Sdn Bhd, has hired MMC Engineering Sdn Bhd for a RM26.85 million construction project in Kemaman, Terengganu. The Sustainable Facility and Eco-Park Centre will require civil, structural, building, infrastructure, utility, mechanical, and electrical works. The project is expected to last 15 months from its start date, with a two-year defects liability period after completion.
MMC Engineering, a major shareholder of Malakoff, is a related party, making the contract a related party transaction per Bursa Malaysia's listing requirements. Datuk Mohd Nazrul Izam Mansor, who represents MMC on Malakoff and Alam Flora's boards, abstained from all contract-related decisions. The contract falls within Alam Flora's normal business operations and does not require shareholder approval or regulatory oversight. The transaction meets the 0.60 per cent disclosure threshold.
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