What Mega First Corporation Berhad does

Mega First Corporation Berhad (MFCB) is a publicly listed Malaysian conglomerate (Bursa Malaysia: MFCB, Stock Code 3069) founded in 1966 and headquartered in Petaling Jaya, with a market capitalisation of RM3.33 billion and FY2025 revenue of RM1,419.6 million. It operates five reportable divisions anchored by Renewable Energy, Packaging, and Resources, plus smaller Food Security and Property segments.

The Renewable Energy division is centred on the 325MW Don Sahong run-of-river hydropower plant in Laos (five 65MW turbines, ~2,300 GWh/year), selling electricity to Electricite du Laos under a 25-year take-or-pay PPA (2025-2049) for export to Cambodia. MFCB holds 95% effective equity in DSPC. Adjacent renewable operations include MFP Solar (C&I rooftop PV in Malaysia, 55% owned with Pekat Group), MF Solar Tronoh, and the Maldives solar consortium (11.39MW across six atolls plus 1.02MW in Phnom Penh). The Packaging division, operated through Stenta Films (BOPP/LLDPE) and the Hexachase group (labels, paper bags, flexible packaging), exports to over 20 countries and is undergoing major capacity expansion with toluene-free and solventless production. The Resources division runs RCI Lime (quicklime ≥90.5% CaO, hydrated lime) supplying steel, paper, sugar, mining, and water treatment customers.

The company makes money through a mix of contracted currency-stable cash flows (DSHP PPA denominated in USD), B2B industrial manufacturing sales (recurring customer relationships with multinational FMCG and heavy industry buyers), and emerging agricultural revenue from coconut, macadamia, and vegetable operations in Cambodia, Malaysia, and Thailand. Go-to-market is direct enterprise sales with long-term contracts and PPA-style regulated arrangements; pricing is custom and not publicly disclosed. The Food Security and Property divisions are smaller and contribute recurring rental income and early-stage agricultural revenue, while the Setia Alam Medical Centre and Edenor Technology (oleochemicals, under judicial management) are exploratory adjacencies.

Name

Mega First Corporation Berhad

Legal name

Mega First Corporation Berhad

Website

https://mega-first.com

Company type

Public

Founded year

1966

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Mega First Corporation Berhad is a Malaysian-listed conglomerate generating renewable hydropower from the 325MW Don Sahong project in Laos and manufacturing flexible packaging films and lime products for industrial customers across Asia and beyond.

Ownership category

akta.pro rank

Product category

Diversified Industrial Manufacturing

NAICS

Petrochemical Manufacturing (32511)

SIC

Electric, Gas & Sanitary Services (4900), Industrial Inorganic Chemicals (2810), Special Industry Machinery (No Metalworking Machinery) (3550)

akta.pro primary industry

Commercial Structuring & Offtake (PPAs, CfDs, Corporate PPAs, Merchant Strategy) (EUAMAAAE)

akta.pro secondary industries

Supply Chain & Product Environmental Compliance (RoHS, WEEE, Packaging EPR, Eco-Design/Labeling Regulations) (EUAHABAJ), Energy & Renewables Specialty Contracting (Solar PV, Storage, EV Charging) (IMAFALAJ)

Keywords

• Hydropower generation
• Flexible packaging films
• Industrial lime products
• Commercial solar PV
• Tropical plantations

Headquarters

HQ city

Petaling Jaya

HQ country

Malaysia

HQ region

Asia

Offices15 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Operations, Supply Chain, Infrastructure, Personnel, Technology or R&D, Others

Revenue model

1. Renewable Energy - Electricity Generation: Sale of electricity generated from the Don Sahong Hydropower Project (325MW) to Electricite Du Laos (EDL) under a take-or-pay Power Purchase Agreement. Revenue is contracted and stable, with a 25-year concession period running from 1 January 2025 to 31 December 2049. The dry season (November–May) operates on full take-or-pay basis; wet season (June–October) has a 955GWh take-or-pay floor. Also includes revenue from C&I solar PV investments under the Corporate Green Power Programme (CGPP).
2. Packaging - Manufacturing and Sale: Manufacturing and sale of flexible packaging films (BOPP, LLDPE) through Stenta Group, and flexible packaging products, labels, stickers, and paper bags through Hexachase Group. Products serve food packaging, FMCG, electronics, and retail industries domestically and internationally across Asia, Middle East, Africa, South America, and Europe.
3. Resources - Lime and Limestone Products: Extraction, processing, manufacturing, and distribution of high-purity limestone-based products (quicklime and hydrated lime) through RCI Lime Sdn Bhd. Products serve steel manufacturing, pulp and paper production, sugar refining, mining, water and wastewater treatment, agriculture, and construction. Distribution via road, rail, and sea freight.
4. Property - Rental Income: Property investment generating recurring rental income from office buildings (ParksVille, Greentown Business Centre) and car parks (Greentown Parking). Development activities suspended since 2015.
5. Food Security - Agriculture and Trading: Coconut and macadamia plantation in Cambodia (Mega First Plantation Cambodia), fruit and vegetable farming in Malaysia through CSC Agriculture Holdings (40% effective interest), and production of coconut flower sap products in Thailand through Chiwadi Products (30% stake).

Go-to-market motion3 records

Distribution channels5 records

Marketing channels4 records

Core offering

Mega First Corporation Berhad is a diversified Malaysian group operating through three core divisions: Renewable Energy (325MW Don Sahong Hydropower Project in Laos exporting power to Cambodia under take-or-pay PPA, plus commercial and industrial rooftop solar PV investments in Malaysia and Maldives), Packaging (BOPP and LLDPE flexible films, labels, paper bags, and laminated packaging for FMCG and food industries), and Resources (high-purity quicklime and hydrated lime for steel, paper, mining, and water treatment). It also runs Food Security plantations in Cambodia, Malaysia, and Thailand, and a property rental portfolio.

Product overview

Mega First Corporation Berhad is a diversified Malaysian group structured as a holding company with six operating divisions rather than a unified software product. The Renewable Energy Division operates the 325MW Don Sahong Hydropower Project in Laos, supplemented by MFP Solar (commercial and industrial solar PV investment in Malaysia), MF Solar Tronoh, and Mega First Solar Maldives Consortium. The Packaging Division is anchored by Stenta Films Group (BOPP and LLDPE flexible packaging films) and Hexachase Group (labels, paper bags, and flexible packaging products), serving food, FMCG, electronics and retail industries. The Resources Division operates through RCI Lime producing quicklime and hydrated lime for steel, paper, mining and water treatment applications. The Food Security Division includes the Cambodia coconut plantation, CSC Agriculture Holdings (fruit and vegetable farming in Malaysia), and Chiwadi Products (coconut flower sap products in Thailand). The Property Division holds investment properties generating recurring rental income. Additional ventures include a medical centre development and oleochemical operations (Edenor Technology, under judicial management).

Differentiator

Problem solved

Functional benefit

Products and services

• Don Sahong Hydropower Project
• MFP Solar C&I Rooftop PV Investment
• Mega First Solar (Maldives) Consortium
• Stenta Films BOPP and LLDPE Packaging Films
• Hexachase Flexible Packaging Products
• RCI Lime Quicklime and Hydrated Lime
• Mega First Plantation (Cambodia)
• Chiwadi Products Coconut Flower Sap Ingredients

Quantifiable outcome

• Annual energy generation of approximately 2,300 GWh from Don Sahong Hydropower Project (325MW)
• +6 more outcomes

Named customers8 records

Segments6 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

Eight partnerships are on record, tiered core and minor.

• Chiwadi Products Co., LtdcoreStrategic or Co-development Partner · 1 January 2025MFCB, through Mega First Green Farms Limited, completed the acquisition of a 30% equity interest in Chiwadi Products Co., Ltd in 2025. Chiwadi is a Thailand-based company producing natural and organic ingredients and food/beverage products made from coconut flower sap, with certifications including USDA Organic, EU Organic, COR Organic, FSSC 22000, Kosher, and Halal.
• CSC Agriculture Holdings Sdn BhdcoreStrategic or Co-development Partner · 1 January 2024MFCB, through Mega First Agrotech Sdn Bhd, entered into a Share Subscription Agreement with CSC Agriculture Holdings Sdn Bhd and its existing shareholders. MFCB subscribed to 13,551,072 ordinary shares for RM25 million, resulting in a 40% effective equity interest in CSC Group. CSC Group operates and manages over 1,100 acres of farmland in Johor and Pahang with greenhouse facilities for clean leafy vegetables.
• 9M Technologies Sdn BhdcoreStrategic or Co-development Partner · 28 July 2021MFCB and 9M Technologies Sdn Bhd jointly incorporated a 50:50 joint venture company called Edenor Technology Sdn Bhd in 2021. Edenor subsequently acquired the entire issued capital of Emery Oleochemicals (M) Sdn Bhd and Emery Specialty Chemicals Sdn Bhd on 1 November 2021, forming the oleochemical operations division.
• Pekat Group BerhadcoreStrategic or Co-development Partner · 29 August 2019MFP Solar Sdn Bhd was incorporated on 29 August 2019 as a 55%-owned subsidiary of MFCB, with the remaining 45% held by Pekat Group Berhad (ultimate beneficial owner). MFP Solar is a Registered Solar PV Investor (RSPVI) by SEDA and undertakes C&I rooftop solar PV investments in Malaysia under an exclusive partnership for projects up to 10 MWp.
• Sinohydro Corporation LtdminorImplementation/ SI/ Consulting Partner · 15 October 2015The Engineering, Procurement, Construction, and Commissioning (EPCC) contract for the Don Sahong Hydropower Project was awarded to Sinohydro Corporation Ltd on 15 October 2015. Sinohydro constructed the 260MW run-of-river facility and subsequent modifications including the fifth turbine.
• Electricité du Laos (EDL)coreStrategic or Co-development Partner · 1 October 2015DSPC entered into a 25-year Power Purchase Agreement with EDL on 1 October 2015 for the sale and purchase of all electricity generated by the Don Sahong Hydropower Project on a take-or-pay basis. The agreement was subsequently revised via a Supplemental Power Purchase Agreement (SPPA) in 2024 following the addition of the fifth turbine unit.
• Government of the Lao People's Democratic RepubliccoreStrategic or Co-development Partner · 13 February 2008MFCB signed a Project Development Agreement on 13 February 2008 with the Government of Laos to develop, build, own, and operate the Don Sahong Hydropower Project. A Concession Agreement was entered into on 15 September 2015 granting build-operate-transfer concession rights for 25 years from commercial operation date.
• Qixian Heat & Power Co., LtdminorStrategic or Co-development Partner · 15 October 1996Mega First Power Industries Sdn Bhd (a wholly-owned MFCB subsidiary) entered into a 60:40 sino-foreign cooperative joint venture with Qixian Heat & Power Co., Ltd on 15 October 1996 to operate a coal-fired heat and power plant in Shaoxing City, Zhejiang Province, China. The joint venture operated for 22 years until 22 October 2017 and was not extended by either party.

Scale indicators22 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Cosmo Films Limited: Specialist BOPP film manufacturer with strong FMCG customer base and export operations; closely comparable to Stenta Films in product category, scale and end markets.
• Uflex Limited: Indian-listed flexible packaging films and packaging products manufacturer with global export reach; comparable to MFCB's Stenta Films and Hexachase packaging operations in product mix and international footprint.
• Taghleef Industries: Global manufacturer of BOPP, CPP and other flexible packaging films serving FMCG end markets; directly comparable to Stenta Films' product portfolio and customer base.
• YTL Power International Berhad: Malaysian-listed power utility with significant generation capacity including hydro and renewables; competes most directly with MFCB as a Bursa Malaysia Main Market power-sector peer with international renewable energy operations.

Emerging players

• Innovia Films (CCL Industries): Specialty BOPP and label films producer owned by CCL Industries; comparable to Stenta Films and Hexachase Labels on specialty flexible packaging films and label-stock end markets.
• Mega Green Energy (representative ASEAN small-cap IPP): Smaller ASEAN renewable IPPs operating solar/biomass PPAs similar to MFCB's C&I solar and CGPP programmes; useful comparable for the scale-up trajectory of MFCB's solar platform beyond hydro.

Broad incumbents

• Lhoist Group: Global leader in lime, dolime and minerals serving steel, paper, water treatment and construction; comparable to RCI Lime as a global broad incumbent in the same high-purity quicklime/hydrated lime markets.
• Graymont Limited: One of the largest global lime and limestone producers; broad incumbent comparable to MFCB's RCI Lime resources division in product mix and heavy-industry customer base.
• Tenaga Nasional Berhad: Malaysian national electricity utility with diversified generation portfolio; the incumbent broad-market peer for MFCB's hydropower/solar generation and power-sector classification on Bursa Malaysia.

Regional players

• Sapura Resources Berhad: Malaysian diversified group with energy and resources operations; regional Malaysian listed peer with similar conglomerate structure touching renewable energy and industrial resources.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

Compliance19 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles11 records

Subsidiaries31 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Mega First Corporation Berhad