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Corporate Profile

Mega First Corporation Berhad is a diversified group of companies with three main divisions – Renewable Energy, Resources and Packaging. The Renewable Energy Division builds and operates a 260 MW run-of-river hydropower plant in Laos (Don Sahong Hydropower Project) as well as undertakes solar photovoltaic investment business activities. The Resources Division is engaged in quarrying of limestone, manufacturing and trading of lime products, calcium carbonate powder and bricks. The Packaging Division manufactures a wide range of printed labels and stickers, paper bags and flexible packaging products for multiple industries. The Company was incorporated on 25 April 1966 and is headquartered in Petaling Jaya, Selangor, Malaysia.


  • Incorporated in Malaysia under the name of Mega (Chemicals) Sendirian Berhad on 25 April.
  • Converted into a Public Company on 31 December 1969 and adopted the name of Mega Chemicals Berhad on 3 April 1970.
  • Listed on Kuala Lumpur Stock Exchange (“KLSE”) (now known as Bursa Malaysia) on 11 August.
  • 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 (“LLP”)) 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.
  • 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 company on 24 September.
  • Rock Chemical Industries (Malaysia) Berhad (“RCI”) became an associate company on 8 January.
  • 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.
  • 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 (“SPSB”) (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 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.
  • 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.
  • Mamut Copper Mine closed down.
  • Disposed of 100% equity interest in LLP together with its 97.5% equity interest in Parrange Sdn Bhd.
  • Ventured into automotive components business in South Africa with BEL’s acquisition of 100% equity interest each in Bloxwich Industries (Pty) Limited and Bloxwich Tool & Die (Pty) Limited.
  • Idaman Harmoni Sdn Bhd (65% owned subsidiary) acquired the PJ8 land.
  • 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”).
  • BSB became a 100% owned subsidiary of RCI.
  • Exited the container locking gears and automotive components businesses in England.
  • 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 (“IJM”) 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.
  • 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 its 30% interest in the Don Sahong Hydropower Project.
  • 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.
  • Obtained a land concession in 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.
  • Expanded into the manufacturing of flexible packaging materials with HCSB’s acquisition of 65% equity interest in Hexachase Flexipack Sdn Bhd.
  • 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.
  • Completed the Rights Issue of 157,048,290 new ordinary shares together with 67,306,410 free detachable Warrants on 15 April.
  • 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.
  • TASB was granted by Menteri Besar Incorporated (Perak) (“MBI”) 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. It was subsequently rescinded.
  • Mega First Power (HK) Limited was dissolved on 25 April 2019.
  • Bayangan Sutera Sdn Bhd entered into an Option Agreement with MBI to lease or buy a parcel of 99-year leasehold land measuring a total of approximately 688.89 acres located in Mukim Belanja, Daerah Kinta, Perak for the purpose of developing a large scale solar (“LSS”) photovoltaic plant.
  • Incorporated MFP Solar Sdn Bhd (“MFP Solar”) (55% owned susidiary) to facilitate expansion of the Group’s solar business.
  • Entered into a Joint Venture Agreement with Pekat Teknologi Sdn Bhd (“Pekat”) whereby under this agreement MFP Solar shall be an exclusive partnership between Mega First Power Industries Sdn Bhd (100% owned subsidiary) and Pekat for solar project investment with capacity of up to 10 MWp in Malaysia.
  • SPSB entered into an Assets Sale Agreement with Reliable Power Resources Sdn Bhd for the disposal of its buildings together with plant assets on an as is where is basis, free from all encumbrances whatsoever. It was terminated by mutual agreement of the parties on 25 February 2021.
  • The Don Sahong hydropower plant went into full commercial operation on 7 January 2020 following successful testing of and synchronisation with EDL’s new 500KV transmission line to Cambodia.
  • Incorporated MFP Solar (Cambodia) Co. Ltd 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.
  • 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 has commenced on 1 October 2020. The concession period shall end on the date occurring 25 years after the COD, which is 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.
  • MFCB completed a share split involving the subdivision of every 1 existing ordinary share in MFCB held into 2 subdivided shares.
  • Acquired 75% equity interest in Stenta Films (Malaysia) Sdn Bhd (“Stenta”). Stenta is one of the leading flexible packaging film manufacturers of Biaxially Oriented Polypropylene Film (BOPP) and Linear Low Density Polyethylene films (LLDPE) in Malaysia.
  • MFCB and 9M Technologies Sdn Bhd jointly incorporated a new 50:50 joint venture company called Edenor Technology Sdn Bhd, which subsequently acquired the entire issued and paid-up capital of Emery Oleochemicals (M) Sdn Bhd and Emery Specialty Chemicals Sdn Bhd on 1 November 2021.
  • DSPC started the modification project which includes the addition of a 5th turbine. Construction of the 5th turbine commenced in December 2021 with completion targeted sometime in the third quarter of 2024.
  • Acquired 28.83% equity interest in Integrated Smart Technologies Sdn Bhd.
  • Incorporated Mega First Solar (Maldives) Consortium Pvt Ltd (“MFSMC”). The principal activity of MFSMC is to install solar photovoltaic system under design, build, finance, own, operate and transfer basis.
  • Incorporated MF Solar Tronoh Sdn Bhd (“MFST”). The principal activity of MFST is to design, build, finance, own, operate and maintain solar photovoltaic power plant.
  • MFCB increased its equity interest in Mega Ventures Limited (“MVL”) from 56.25% to 75% and MVL then purchased 3,380,000 ordinary shares or 20% equity interest in DSPC, for an aggregate consideration of USD92.50 million (or RM428.529 million equivalents). Following the above acquisitions, MFCB’s effective equity interest in DSPC was increased from 80% to 95%.
  • Mega First Agrotech Sdn Bhd (“MFASB”) entered into a Share Subscription Agreement (“SSA”) with CSC Agriculture Holdings Sdn Bhd (“CSCAH”) and the existing shareholders of CSCAH. Pursuant to the SSA, MFASB will subscribe for 13,551,072 ordinary shares in CSCAH, representing 64% equity interest in CSCAH, for a total consideration of RM25 million (“Proposed Subscription”). Upon completion of the Proposed Subscription, CSCAH and its subsidiaries (“CSC Group”) will become indirect subsidiaries of MFCB. CSC Group is primarily involved in the plantation (using developed modern and innovative techniques as well as automation of planting processes) and wholesale of fruits and vegetables.