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Corporate Profile

Mega First Corporation Berhad (“MFCB”) is a Malaysia-based company engaged in investment holding and provision of management services. It mainly operates through the three divisions – Power, Resources and Property. The Power Division builds, owns and operates power plants. The Resources Division is engaged in quarrying of limestone, manufacturing and trading of lime products, calcium carbonate powder and bricks. The Property Division develops and invests in properties. The Company was incorporated on 25 April 1966 and is headquartered in Petaling Jaya, Malaysia.

Milestones

Year 
1966
  • Incorporated in Malaysia on 25 April.
1970
  • Converted to a Public Company on 3 April.
  • Listed on Kuala Lumpur Stock Exchange (“KLSE”) on 11 August.
1990
  • Adopted present name, Mega First Corporation Berhad (“MFCB”) on 15 March.
  • Completed restructuring through the emergence of a white knight. MFCB’s principal businesses then were quarrying of limestone in Baling (via Lime & Lime Products Sdn Bhd) and Simpang Pulai (via Syarikat Cheng Sun Quarry Sdn Bhd) and trading and distribution of industrial, agro and petroleum based products (via Perusahaan Kimia Gemilang Sdn Bhd (“PKG”)). PKG was disposed of in February 1992.
1991
  • Acquired 100% equity interest in Mamut Copper Mining Sdn Bhd (“MCM”). MCM then operated the Mamut Copper Mine, an open pit copper mine in Ranau on the South Eastern slopes of Mount Kinabalu, Sabah.
  • Re-listed on KLSE on 7 June.
  • Acquired 26.7% equity interest in Palmco Holdings Berhad (“PHB”). PHB became an associate on 24 September.
1992
  • Rock Chemical Industries (Malaysia) Berhad (“RCI”) became an associate company on 8 January.
1994
  • Ventured into the trading of heavy equipment and machinery parts with the acquisition of 60% equity interest in CEL Tractors Sdn Bhd. This subsidiary was disposed of in March 2001.
1995
  • Bloxwich International Sdn Bhd (“BISB”) (51% owned subsidiary) ventured into manufacturing of container locking gears and automotive components in England with the acquisition of 100% equity interest in Bloxwich Engineering Ltd (“BEL”).
  • 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.
1996
  • Ventured into China with 60% stake in a sino-foreign co-operative joint venture with Qixian Heat & Power Co., Ltd (“QHP”) to operate a coal-fired heat and power plant in Qixian Town, Shaoxing City, Zhejiang Province (“Shaoxing Power Plant”). This power plant was operated by Shaoxing Mega Heat & Power Co., Ltd (“SMHP”) for a period of 22 years to 22 October 2017.
  • RCI ventured downstream with the acquisition of 33.44% equity interest in Batamas Sdn Berhad (“BSB”), a manufacturer of calcium silicate bricks.
1997
  • Completed the disposal of 32.96% equity interest in PHB to IOI Corporation Berhad.
  • Expanded the Property Division’s development projects to cover Ipoh, Melaka and the Klang Valley upon the acquisition of 100% equity interest in Gombak Land Sdn Bhd.
1999
  • Mamut Copper Mine closed down.
2001
  • Disposed of 100% equity interest in Lime & Lime Products Sdn Bhd together with its 97.5% equity interest in Parrange Sdn Bhd.
  • Ventured into automotive components manufacturing in South Africa with BEL’s acquisition of 100% equity interest each in Bloxwich Industries (Pty) Limited and Bloxwich Tool & Die (Pty) Limited.
2003
  • Idaman Harmoni Sdn Bhd (65% owned subsidiary) acquired the PJ8 land.
2004
  • Entered into Joint Venture Agreement with IJM Properties Sdn Bhd to develop the PJ8 land.
  • RCI became a 55.8% owned subsidiary.
  • Ventured into the manufacturing of labels and packaging materials with the acquisition of 50% equity interest in Hexachase Corporation Sdn Bhd (“HCSB”).
2007
  • BSB became a 100% owned subsidiary of RCI.
  • Exited the container locking gears and automotive components businesses in England.
2008
  • Signed the Project Development Agreement with the Government of 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 that will be undertaking the development and operation of the Don Sahong Hydropower Project.
  • Exited the automotive components business in South Africa.
2010
  • HCSB became a 52.38% owned subsidiary.
  • Signed the Memorandum of Undertaking with Electricite Du Laos, Laos (“EDL”), for the Don Sahong Hydropower Project.
  • MFCB became a substantial shareholder of Jadi Imaging Holdings Berhad (“JADI”).
  • Acquired from IJM Corporation Berhad its 30% interest in the Don Sahong Hydropower Project.
2012
  • Acquired additional limestone reserves with the acquisition of 100% equity interest in both Anting Sendirian Berhad and Sri Anting Sdn Bhd.
  • Completed the privatisation and de-listing of RCI from Bursa Malaysia on 29 June.
2013
  • Obtained land concession covering 9,477 hectares in the Namlear Wildlife Sanctuary Zone, Mondulkiri Province, Kingdom of Cambodia primarily for agricultural development and cultivation. Mega First Plantation (Cambodia) Ltd (100% owned subsidiary) was set up as a project company for this investment.
  • Acquired 77.8% equity interest in Teratai Kembara Sdn Bhd.
  • Teratai ANR Sdn Bhd (“TASB”) was set up as a joint venture company (70% indirect subsidiary) for undertaking mining activities on a piece of land located in Mukim Belanja, Daerah Kinta, Perak.
  • Acquired 55% equity interest in Identiti Jitu Sdn Bhd.
  • Acquired 60% equity interest in Runding Kualiti Sdn Bhd.
  • Signed the Tariff Memorandum of Understanding with EDL for the Don Sahong Hydropower Project.
2014
  • Expanded into the manufacturing of flexible packaging materials with HCSB’s acquisition of 65% equity interest in Hexachase Flexipack Sdn Bhd.
2015
  • JADI ceased to be an associate company of the Group on 16 February.
  • Entered into the Shareholders' Agreement with EDL in relation to the parties' participation in the project company that will be undertaking the development and operation of the Don Sahong Hydropower Project.
  • Melewar Jutamas Sdn Bhd (“MJSB”) became a 51.22% owned subsidiary. MJSB was principally involved in sand mining.
  • Incorporated Don Sahong Power Company Ltd (“DSPC”) on 7 July. DSPC is 80% owned by the Group and is the project company for the Don Sahong Hydropower Project.
  • DSPC was granted the 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.
  • Power Purchase Agreement for the purchase by EDL of all electricity generated by the Don Sahong Hydropower Project on a take-or-pay basis was signed on 1 October.
  • The Engineering, Procurement, Construction and Commissioning Contract for the Don Sahong Hydropower Project was awarded by DSPC to Sinohydro Corporation Ltd on 15 October.
2016
  • Completed the Rights Issue of 157,048,290 new ordinary shares together with 67,306,410 free detachable Warrants on 15 April.
2017
  • Acquired 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.
2018
  • TASB was granted by Menteri Besar Incorporated (Perak) an irrevocable option for a period of 15 years to either (1) enter into development rights agreement and/or (2) enter into sale and purchase agreement for the acquisition of a 99-year leasehold land (measuring a total of approximately 772 acres located in Mukim Belanja, Daerah Kinta, Perak) or any part thereof.

* Last updated on 31 May 2018.

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