December 03, 2008

Mudajaya Group buys 2.7 million shares in RKM Powergen

The Edge Daily reported that Malaysia’s Mudajaya Group Bhd has subscribed for an additional 2.7 million shares in India’s RKM Powergen Private Limited for MYR 58.2 million cash. It had acquired 487,000 RKM shares in September 2007 for MYR 10.95 million.

In an announcement to Bursa Malaysia, Mudajaya said that its wholly owned subsidiary Mudajaya Corporation Bhd subscribed for the new block of shares on March 31st 2008.

RKM is a special purpose vehicle set up by RK Powergen Private Limited and MJC to undertake the 1,200 MW coal fired independent power plant project in the Chhattisgarh state in India.

Under the JV agreement signed between MJC and RK Power, MJC and RK Power should at all times hold 26% and 74% of RKM, respectively.