KUALA LUMPUR (May 15): Freshly-listed and marking its return to Bursa Malaysia, Malakoff Corp Bhd intends to expand its renewable energy (RE) business via "selective acquisition" going forward.

The move will take into account the currency, business and country risks best suited to the business model of the country's, and Southeast Asia's, largest independent power producer.

"We will look into all the risk aspects and see whether it fits into our business model. Only then will we pursue any acquisition," said Malakoff chairman Tan Sri Syed Anwar Jamalullail at the listing ceremony today.

Currently, the group's sole RE asset lies in a 50% stake owned in Macarthur Wind Farm (MWF) in Australia, which was acquired in 2013. MWF is the largest wind farm in the southern hemisphere.

Apart from power and water assets owned and operated in Malaysia, Malakoff also has assets in the Middle East and North Africa region. Domestic assets contribute about 65% to the group's revenue, while the remainder 35% is derived from overseas.

According to Anwar, Malakoff is currently satisfied with the revenue contribution ratio, but said the group is open to tap opportunities in the Asean region.

"At present, we are quite happy at where we are. But in the future, [since] we have a big appetite for power, I think there will be opportunities for Malakoff to look at in the Asean region," he said.

Malakoff chief executive officer Datuk Seri Syed Faisal Albar concurred saying Malakoff is "constantly" looking for opportunities overseas, adding the group will embark on a joint venture with a local partner.

"When we go overseas, it will be lower at the associate level. It won't be at 50% stake," he said on Malakoff's involvement overseas.

Locally, he noted that there are no power projects to bid for, pending announcements by the Energy Commission as and when more power generation is required.

Malakoff expects to add another 1,000 MW of coal-fired power generation capacity once construction of its Tanjung Bin Energy Power Plant is completed and fully operational. The plant is scheduled to commence operations next year.

The group aims to expand its power generation capacity to 10,000 MW and effective water production capacity by approximately 150% by 2020.

At 10.40am, Malakoff was flat at RM1.80 and was the most actively traded stock with 135.59 million shares done.