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[KUALA LUMPUR] Shares of Tenaga Nasional Bhd, Malaysia national power group, dropped as much as 3.16 per cent in early trade on Thursday after it said it wants to buy almost all of debt-laden state fund 1Malaysia Development's (1MDB) power assets.
Tenaga, which counts state investor Khazanah Nasional Bhd as a major shareholder, announced on Wednesday it had submitted an indicative non-binding proposal to acquire the five domestic and eight international power assets of 1MDB power firm Edra Global.
1MDB, whose advisory board is chaired by Prime Minister Najib Razak, has 14 power assets which could be worth up to 18 billion ringgit (S$6.47 billion), sources told Reuters in June.