Melewar Industrial Group sells Thai power plant biz

KUALA LUMPUR: Melewar Industrial Group Bhd's (MIG) unit is selling its 51% stake in MPerial Power Ltd - which is the major shareholder in loss-making Siam Power Generation Public Company Ltd -- for US$11mil (about RM36mil).

MIG said on Friday that Melewar Steel Engineering Sdn Bhd's disposal of the stake to the purchaser, E Power Pte Ltd would result in a loss of RM48mil.