The Employees Provident Fund (EPF) has become a significant shareholder in Mega First Corporation Bhd, increasing its stake to 5.99%.
This amounts to 56.54 million shares after acquiring an additional 10 million shares on December 2 through Citigroup Nominees.
Marking the first time EPF’s ownership in the company has crossed the 5% threshold.
Seen as a key investment for the future, Mega First is known for its renewable energy projects and packaging business.
The company reported strong growth in the third quarter of 2024, with net profit rising 13.8% to RM116.64 million and revenue increasing by 16.1% to RM372 million.
For the first nine months of 2024, profit jumped 21.3%, supported by its hydro and solar power operations.
The company's expansion efforts include the commissioning of the fifth turbine at the Don Sahong hydropower plant and increasing its ownership of Don Sahong Power Company to 95%, driving significant profit growth.
In addition, its solar power projects are underway, with plans for new capacity to come online in 2025.
While the energy sector is shining, the company remains cautious about its packaging and sourcing divisions.
As of the latest update, Mega First's share price rose to RM4.33, reflecting a strong year-to-date gain of 17.3%.
