1MDB says offers for unit close to asking price

Kuala Lumpur

1Malaysia Development Bhd, the debt-ridden state investment company that nearly defaulted earlier this year, said the offers it received for its energy unit are close to what it wants.

1MDB expects RM16 billion (S$5.2 billion) to RM18 billion for Edra Global Energy and has received bids close to that figure, 1MDB president Arul Kanda told reporters in Kuala Lumpur on Saturday. The amount includes the unit's debt.

Tenaga Nasional Bhd, Malaysia's biggest listed utility, said this month it has made a conditional offer for the energy assets of 1MDB, joining at least two other bids that the state investment firm has received. The assets held by Edra may fetch an equity value of RM8 billion, people familiar with the matter have said. 1MDB owns a net generation capacity of 5,594 megawatts and is the largest independent power producer in Bangladesh and Egypt, according to…