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Discontinued Operations

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SHAOXING POWER PLANT

The sino-foreign co-operative joint venture agreement with Qixian Heat & Power Co., Ltd (“QHP”) of the People’s Republic of China (“JV Agreement”) in relation to the power plant in China operated by Shaoxing Mega Heat & Power Co., Ltd (“SMHP”) expired on 22 October 2017 and was not extended by MFCB Group.

SMHP was a 60%:40% sino-foreign co-operative joint venture formed on 15 October 1996 between Mega First Power Industries Sdn Bhd, a wholly-owned subsidiary of MFCB and QHP. Under the JV Agreement, SMHP has the right to operate the coal-fired heat and power plant located in Shaoxing City, Zhejiang Province, PRC for a period of 22 years until 22 October 2017.

The power plant generated both heating and electric power. It had an installed capacity of 83MW with a steam supply capacity of 520 tonnes per hour. Steam was supplied to the neighbouring factories while electricity was transmitted and sold to the Power Bureau through the local grid. Steam sales contributed approximately 2/3 of sales while the remaining portion related to energy sales.

Tawau Power Plant

MFCB Group owns 51% of Serudong Power Sdn Bhd (“SPSB”).

SPSB builds, owns and operates a 36MW diesel-fuelled power plant in Tawau, Sabah. SPSB was licensed to exclusively supply electricity to Sabah Electricity Sdn Bhd for a 21-year concession period from 2 December 1996.

SPSB’s power plant consists of 3 identical blocks of medium-speed generating sets, fired mainly by medium fuel oil procured from Petronas Dagangan Berhad as part of a 21-year Fuel Supply Agreement. Wartsila NSD Corporation of Switzerland designed the power plant’s 4-stroke engines, while Hyundai Heavy Industries Co., Ltd and Hyundai Corporation Ltd were the licensed manufacturer.

Mega First Power Services Sdn Bhd, a wholly-owned subsidiary of MFCB Group is responsible for the operation and maintenance of the power plant via an Operation and Maintenance Agreement for a period of 12 years from 2 December 1996 and was subsequently extended to 1 December 2017.

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