You are here
Malaysia's Tenaga submits conditional offer to buy 1MDB's power unit
[KUALA LUMPUR] Tenaga Nasional Bhd, Malaysia's national power firm, said on Friday it has submitted a conditional offer to buy the power assets of troubled state fund 1MDB's power firm Edra Global Energy.
1MDB, or 1Malaysia Development Bhd, has been the subject of multiple investigations amid allegations of financial mismanagement and graft - a political crisis for Prime Minister Najib Razak who chairs its advisory board.
It is seeking to pare back US$11 billion in debt and the power unit Edra Global Energy is widely viewed as its best asset.