PETALING JAYA: Malakoff Corporation Bhd has rebranded itself with a new logo and business direction to mark its entry into the green economy. 

Malakoff chairman Tajuddin Ali said the rebranding exercise signals the group’s commitment to spearheading the global green revolution.

“(The) rebranding is (necessary) to present Malakoff beyond just energy, or for that matter, (beyond our) coal-fired plants,” he said.

The group’s rebranding launch was officiated by natural resources, environment and climate change minister Nik Nazmi Nik Ahmad.

“I congratulate Malakoff for taking up the mantle of sustainability to spearhead positive change,” said Nik Nazmi.

Three new entities were formed under the Malakoff brand to support their sustainable initiatives – Malakoff Green Solutions for renewable energy, Malakoff Environmental Solutions for waste management and Malakoff Energy for power solutions.

The group aims to have 1000MW of energy produced from renewable sources by 2030, with hopes of increasing their solar energy capacity by 50-100MW each year.

Established in 1975, Malakoff is Malaysia’s largest independent power producer with an effective generating capacity of 5,342MW.

It owns a number of gas, coal-fired and integrated water power plants in Malaysia, Bahrain and Saudi Arabia.

Among its major shareholders are MMC Corporation Bhd (38.5%) and Permodalan Nasional Bhd (PNB). MMC Corporation Bhd is controlled by tycoon Syed Mokhtar Albukhary.

For the first quarter ended March 31, 2023, Malakoff slipped into the red with a net loss of RM99 million from a net profit of RM27 million in the same period last year, despite revenue rising 21% to RM2.29 billion.

At the close of trade, Malakoff’s share price was flat at 60.5 sen, giving it a market capitalisation of RM3 billion.