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[KUALA LUMPUR] Malaysia has cut electricity tariff in the Peninsular and the Borneo state of Sabah following declines in prices of feedstock and crude oil, said a statement from the government on Wednesday.
Southeast Asia's third-largest economy cut the tariff by as much as 5.8 per cent, taking effect from March 1 to June 30, as the government's subsidy will remain at 260 million ringgit (S$98.4 million) a year, the statement said.
Shares of Tenaga Nasional Bhd, the country's largest power group, dropped as much as 11 per cent prior to the announcement. The counter ended 3.1 per cent lower at 14.40 ringgit per share, dragging the benchmark stock index down 0.67 per cent.