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
Add BT as a preferred source
DeeperDive is a beta AI feature. Refer to full articles for the facts.
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.
Share with us your feedback on BT's products and services
TRENDING NOW
Shelving S$5 billion office redevelopment plan proved ‘wise’ as geopolitical risks mount: OCBC chairman
Eurokars Group introduces rental car franchises Enterprise Rent-A-Car, National Car Rental, and Alamo to Singapore
20 photos that show how dramatically Singapore has changed in two decades
Singapore’s key exports up 15.3% in March from electronics surge, exceeding forecasts
