Tenaga plans RM10b sukuk to fund power plant
Planned purchase of 1MDB's 70% stake in 3B, a greenfield 2,000 MW coal-fired plant, will take the pressure off 1MDB
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Kuala Lumpur
MALAYSIA's Tenaga Nasional Bhd is seeking to raise as much as RM10 billion (S$3.6 billion) in an Islamic bond issue to develop a power plant project that it is planning to take over from debt-laden state fund 1MDB, sources familiar with the matter said.
The bond by Malaysia's national utility would be the largest sukuk globally this year, a major boost for the sukuk market after issuance fell in the first quarter to its lowest point in four years.
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