KUALA LUMPUR: Malakoff Corp Bhd
said a sub-subsidiary, Alam Flora Environmental Solutions Sdn Bhd (AFES), has appointed MMC Engineering Sdn Bhd as the Work Package Construction 2 contractor for the sustainable facility and Eco-Park Centre (SAFE-T) at Teluk Kalong in Kemaman, Terengganu.
In the related-party transaction, AFES, a wholly-owned subsidiary of Alam Flora Sdn Bhd (AFSB), which in turn is a subsidiary of Malakoff, awarded the RM26.85mil contract to MMC Engineering, a wholly-owned subsidiary of MMC Corp Bhd, a major shareholder of Malakoff.
The construction period shall be 15 months from the commencement date, which remains to be stipulated.
According to the group's stock exchange filing, the Board Audit and Risk Management Committee of Malakoff is of the opinion that the contract is fair,
reasonable, on normal commercial terms and is in the best interest of Malakoff and not detrimental to the interest of its minority shareholders.
