KUALA LUMPUR: Shares of Mega First Corporation Bhd
(MFCB) is bound to reach its highest since 1995 after it signed a shareholders agreement with Laos' Electricite du Laos (EDL) and two other parties to develop Don Sahong hydropower project.
At 9.51am, it rose three sen to RM2.64 with 360,000 shares traded between RM2.62 and RM2.70.
The FBM KLCI was up 1.48 points to 1,822.73. Turnover was 529.16 million shares valued at RM444.03mil. There were 172 gainers, 228 decliners and 282 counters unchanged.
MFCB said Ground Roses Ltd, Silver Acreage Ltd and EDL would hold 79%, 1% and 20% in the project company Don Sahong Power Company Ltd to be set up in Laos.
Don Sahong would later sign a concession agreement with the Laotian government to build and manage the project.
Both Ground Roses and Silver Acreage are units of Don Sahong Holdings Ltd (DSHL) which is a unit of MFCB.
The Don Sahong Hydropower project is a run-of-river hydropower project located at the Hou Sahong channel of the Mekong River in Khong District, Champassak Province, Laos.
It will have a capacity of 260MW and capable of generating about 2,000 GWh of electricity per year.
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