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1MDB may scrap plans for US$3b IPO of power unit

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1MDB has some 15 power and desalination plants in five countries, although many are near the end of their concession agreements. Its crown jewel is a US$3 billion coal-fired plant called Project 3B that it and Japanese trading firm Mitsui & Co won the rights to build last year.

Kuala Lumpur

MALAYSIAN state investment fund 1MDB is likely to abort plans for a US$3 billion IPO of its power unit and focus on an outright sale of its energy assets, three people with direct knowledge of the deal said on Tuesday.

The gloom surrounding the Malaysian economy may