Mega First Corporation Berhad

Incorporated in Malaysia under the name of Mega (Chemicals) Sendirian Berhad on 25 April.

Converted into a public company on 31 December 1969.

Adopted the name Mega Chemicals Berhad on 3 April 1970.

Listed on the Kuala Lumpur Stock Exchange, now known as Bursa Malaysia, on 11 August.

Completed restructuring through the emergence of a white knight. At the time, MFCB’s principal businesses included the quarrying of limestone in Baling (via Lime & Lime Products Sdn Bhd) and Simpang Pulai (via Syarikat Cheng Sun Quarry Sdn Bhd), as well as the trading and distribution of industrial, agro, and petroleum-based products (via Perusahaan Kimia Gemilang Sdn Bhd (“PKG”)).

Adopted its present name, Mega First Corporation Berhad (“MFCB”) on 15 March.

Acquired a 100% equity interest in Mamut Copper Mining Sdn Bhd, which operated the Mamut Copper Mine, an open-pit copper mine in Ranau on the southeastern slopes of Mount Kinabalu, Sabah.

Re-listed on the Kuala Lumpur Stock Exchange, now known as Bursa Malaysia, on 7 June.

Acquired a 26.7% equity interest in Palmco Holdings Berhad, which became an associate company on 24 September.

Rock Chemical Industries (Malaysia) Berhad became an associate company on 8 January.

PKG was disposed of in February 1992.

Bloxwich International Sdn Bhd, a 51%-owned subsidiary, ventured into the manufacturing of container locking gears and automotive components in England through the acquisition of 100% equity interest in Bloxwich Engineering Ltd.

Serudong Power Sdn Bhd, 51%-owned subsidiary, was granted the right to build, own, and operate a 36MW thermal power plant in Tawau, Sabah (“Tawau IPP”). The power plant commenced commercial operation on 2 December 1996.

Ventured into China with a 60% stake in a Sino-foreign co-operative joint venture with Qixian Heat & Power Co., Ltd to operate a coal-fired heat and power plant in Qixian Town, Shaoxing City, Zhejiang Province (“Shaoxing Power Plant”). The power plant was operated by Shaoxing Mega Heat & Power Co., Ltd for 22 years, until 22 October 2017.

Rock Chemical Industries (Malaysia) Berhad ventured downstream by acquiring a 33.44% equity interest in Batamas Sdn Berhad, a manufacturer of calcium silicate bricks.

Disposed of a 32.96% equity interest in Palmco Holdings Berhad to IOI Corporation Berhad.

Expanded the Property Division’s development projects to include Ipoh, Melaka, and the Klang Valley through the acquisition of 100% equity interest in Gombak Land Sdn Bhd.

The Mamut Copper Mine ceased operations.

Disposed of a 100% equity interest in Lime & Lime Products Sdn Bhd, along with its 97.5% equity interest in Parrange Sdn Bhd.

Ventured into the automotive components business in South Africa through BEL’s acquisition of 100% equity interests each in both Bloxwich Industries (Pty) Limited and Bloxwich Tool & Die (Pty) Limited.

Mr Goh Nan Kioh joined the Board of Mega First Corporation Berhad in 2003 and became its Chairman in the same year.

Idaman Harmoni Sdn Bhd, a 65%-owned subsidiary, acquired the PJ8 land.

Entered into Joint Venture Agreement with IJM Properties Sdn Bhd to develop the PJ8 land.

Rock Chemical Industries (Malaysia) Berhad became a 55.8%-owned subsidiary.

Ventured into the manufacturing of labels and packaging materials through the acquisition of a 50% equity interest in Hexachase Corporation Sdn Bhd.

Batamas Sdn Berhad became a wholly-owned subsidiary of Rock Chemical Industries (Malaysia) Berhad.

Exited the container locking gear and automotive components businesses in England.

Signed a Project Development Agreement with the Government of the Lao People’s Democratic Republic (Laos) to develop, build, own, and operate a hydroelectric power plant in Don Sahong. The Don Sahong Hydropower Project is a 260MW run-of-river hydropower project located in the Khong District, Champasak Province, Laos.

Established a 70:30 joint venture with IJM Corporation Berhad to invest in a project company tasked with the development and operation of the Don Sahong Hydropower Project.

Hexachase Corporation Sdn Bhd became a 52.38%-owned subsidiary.

Signed a Memorandum of Undertaking with Electricite Du Laos, Laos, for the Don Sahong Hydropower Project.

MFCB became a substantial shareholder of Jadi Imaging Holdings Berhad.

Acquired a 30% interest in the Don Sahong Hydropower Project from IJM Corporation Berhad.

Acquired additional limestone reserves by acquiring 100% equity interest in both Anting Sendirian Berhad and Sri Anting Sdn Bhd.

Completed the privatisation and de-listing of Rock Chemical Industries (Malaysia) Berhad from Bursa Malaysia on 29 June.

Expanded into the manufacturing of flexible packaging materials through Hexachase Corporation Sdn Bhd’s acquisition of a 65% equity interest in Hexachase Flexipack Sdn Bhd.

Entered into a Shareholders’ Agreement with Electricite Du Laos, Laos (“EDL”) regarding participation in the project company that will undertake the development and operation of the Don Sahong Hydropower Project.

Melewar Jutamas Sdn Bhd (“MJSB”) became a 51.22%-owned subsidiary. MJSB is principally involved in sand mining.

Jadi Imaging Holdings Berhad ceased to be an associate company of the Group on 16 February.

Incorporated Don Sahong Power Company Ltd (“DSPC”) on 7 July. DSPC is 80%-owned by the Group and serves as the project company for the Don Sahong Hydropower Project.

DSPC was granted concession rights on a “build, operate, and transfer” basis for the Don Sahong Hydropower Project on 15 September. The concession period ends on the 25th anniversary of the commercial operation date.

Signed a Power Purchase Agreement with EDL for the purchase of all electricity generated by the Don Sahong Hydropower Project on a take-or-pay basis on 1 October.

Awarded the Engineering, Procurement, Construction, and Commissioning Contract for the Don Sahong Hydropower Project to Sinohydro Corporation Ltd on 15 October.

Completed the Rights Issue of 157,048,290 new ordinary shares together with 67,306,410 free detachable warrants on 15 April.

Acquired a 50.25% equity interest in Premier Capacity Sdn Bhd.

The Sino-foreign co-operative joint venture agreement for the Shaoxing Power Plant expired on 22 October and was not extended by the Group.

The Power Purchase Agreement for the Tawau IPP expired on 2 December.

Bayangan Sutera Sdn Bhd entered into an Option Agreement with MBI to lease or purchase a parcel of 99-year leasehold land measuring approximately 688.89 acres, located in Mukim Belanja, Daerah Kinta, Perak, for the purpose of developing a large-scale solar photovoltaic plant.

MFP Solar Sdn Bhd (“MFP Solar”), a 55%-owned subsidiary, was incorporated to facilitate the expansion of the Group’s solar business.

The Group entered into a Joint Venture Agreement with Pekat Teknologi Sdn Bhd (“Pekat”), under which MFP Solar will serve as an exclusive partnership between Mega First Power Industries Sdn Bhd (a wholly-owned subsidiary) and Pekat for solar project investments with a capacity of up to 10 MWp in Malaysia.

Serudong Power Sdn Bhd entered into an Assets Sale Agreement with Reliable Power Resources Sdn Bhd for the disposal of its buildings and plant assets on an “as is, where is” basis, free from all encumbrances.

Mega First Power (HK) Limited was dissolved on 25 April 2019.

MFP Solar (Cambodia) Co. Ltd was incorporated to undertake solar photovoltaic investment business activities in Cambodia.

Acquired 100% equity interest in Mega First C&I Solar Sdn Bhd to undertake solar photovoltaic investment business activities in Malaysia.

The Don Sahong hydropower plant began full commercial operation on 7 January 2020 following successful testing and synchronisation with Electricite Du Laos’s new 500KV transmission line to Cambodia.

Received a certificate from the Ministry of Energy and Mines of Laos confirming that the Commercial Operational Date (“COD”) of the Don Sahong Hydropower Project commenced on 1 October 2020. The concession period will end 25 years after the COD, on 30 September 2045. In accordance with the Concession Agreement dated 15 September 2015, DSPC will be exempted from income tax until the fifth anniversary of the COD.

Mega First Corporation Berhad (“MFCB”) completed a share split, subdividing every 1 existing ordinary share into 2 new shares.

Acquired a 75% equity interest in Stenta Films (Malaysia) Sdn Bhd (“SFSB”), one of Malaysia’s leading flexible packaging film manufacturers specialising in Biaxially Oriented Polypropylene Film (BOPP) and Linear Low Density Polyethylene Film (LLDPE).

MFCB and 9M Technologies Sdn Bhd jointly incorporated a 50:50 joint venture company called Edenor Technology Sdn Bhd.

Don Sahong Power Company Ltd began a modification project that includes the addition of a 5th turbine.

The agreement was terminated by mutual consent on 25 February 2021.

Edenor Technology Sdn Bhd subsequently acquired the entire issued and paid-up capital of Emery Oleochemicals (M) Sdn Bhd and Emery Specialty Chemicals Sdn Bhd.

Construction commenced on the Don Sahong Power Company Ltd modification project, with completion targeted for the third quarter of 2024.

Acquired a 28.83% equity interest in Integrated Smart Technologies Sdn Bhd.

Mega First Solar (Maldives) Consortium Pvt Ltd (“MFSMC”) was incorporated. The principal activity of MFSMC is the installation of solar photovoltaic systems on a design, build, finance, own, operate, and transfer basis.

MF Solar Tronoh Sdn Bhd (“MFST”) was incorporated. The principal activity of MFST is to design, build, finance, own, operate, and maintain solar photovoltaic power plants.

Mega First Corporation Berhad (“MFCB”) increased its equity interest in Mega Ventures Limited (“MVL”) from 56.25% to 75%. Subsequently, MVL purchased 3,380,000 ordinary shares, representing a 20% equity interest in Don Sahong Power Company Ltd (“DSPC”), for an aggregate consideration of USD92.50 million (equivalent to RM428.529 million). Following these acquisitions, MFCB’s effective equity interest in DSPC increased from 80% to 95%.

Serudong Power Sdn Bhd was divested.

Grand Ascent Sdn Bhd, a dormant company, was acquired, and its intended business activity is a medical centre. The company has since changed its name to Setia Alam Medical Centre Sdn Bhd.

Acquired a 30% equity interest in Chiwadi Products Co., Ltd, a Thailand-based company that produces and sells natural and organic ingredients, as well as food and beverage products made from coconut flower sap.

MFCB acquired an additional 25,797,054 ordinary shares in SFSB for RM33,097,620, increasing MFCB’s effective interest in SFSB from 75.0% to 87.5% and strengthening its financial and strategic control.