Tenaga to take over 1MDB's stake in power plant
News of the 70% stake acquisition for undisclosed sum sparks slump in the national utility company's shares
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Kuala Lumpur
MALAYSIA said on Thursday that national utility Tenaga is taking over debt-laden state fund 1Malaysia Development Bhd's entire 70 per cent stake in a planned 2,000 MW coal-fired power project, sparking a slump in Tenaga's shares.
The move marks the first sale of a power asset by 1MDB. The government has approved the takeover of 1MDB's stake in the project, 3B, Energy Minister Maximus Ongkili told reporters, but declined to disclose the value of the deal, saying that the matter is between 1MDB and Tenaga. He also said that the tariff payable to Tenaga on the power to be supplied was yet to be finalised.
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