Case: Malakoff With some of its concession assets expiring in the near future, Malakoff Corp Bhd would have to step up sourcing for new growth streams to bridge the gap in earnings. To be sure, earnings of the independent power producer (IPP) remain sound being sheltered by concession agreements. However, they have been declining on the back of capacity payment And in the next four years, about 18% of Malakoff's capacity of 5,393 MW that is contributing to the power grid would be expiring, Affin Hwang Capital said. Bidding for new power plants, according to the research firm, could only happen in 2024/25 given the change in capacity build-up mix. In To improve earnings prospects, Malakoff has been active on the Merger and Acquisition front. Last Year it acquired Alam Flora Sdn Bhd (a solid waste collection services and public cleansing management services) from DRB-Hicom Bhd and raised its stake in Shuaibah Phase 3 water desalination and power plant in Saudi Arabia. In December 2019, it sold its 50% interest in Australia's Macarthur Wind Farm for RM1.02 bil cash, yielding net proceeds of about RM602 mil that it can use for future ventures plus pare down some borrowings. Malakoff has been paying out close to 100% of its profit as dividends, the group reported a net profit of RM320.2 mil for the financial year ending Dec 31, 2019. The share closed at 87.5 Sen as at April 17, 2020. In December 2019, the highest share price recorded was 90 Sen. RM' (mil) 2018 2019 RM'(mil) 2018 2019 Revenue 7,348 7,422 Tot. Assets 28,982 26,559 Net Profit 274 320 Borrowings 15,220 12,398 Cash 2,745 1,515 Equity 5,644 5,506 Receivable 1,501 2,213 No of 4,887 4,888 Shares ('mil Div( sen) 6.55 5.60 Source: Adopted from STARBIZ, Monday 20 April 2020. a. Looking at the corporate activities of Malakoff, and financial statement above, discuss whether the corporation activities could further benefit Malakoff shareholders' value