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Malaysia's Tenaga Nasional to take over 1MDB's stake in Project 3B

[KUALA LUMPUR] Malaysia's debt-laden state fund 1MDB will sell its entire 70 per cent stake in Project 3B, a US$3.6 billion greenfield 2,000 megawatt coal-fired plant, to national utility Tenaga Nasional Bhd, a Malaysian minister said on Thursday.

1MBD, whose board of advisers is chaired by Prime Minister Najib Razak, is in the process of paring down nearly 42 billion ringgit (US$11.31 billion) in debt that has weighed on the ringgit and Malaysia's credit rating.