TNB has submitted an indicative no bidding proposal for 1MDB’s power asset both locally and globally through its subsidiary Edra Global Energy Bhd. These assets include 5 local and 8 international plants. The move is followed by recent acquisition of 70% stake of Jimah East power plant by 1MDB.
“TNB wishes to announce that it continuously evaluates a range of potential investment opportunities as part of its commitment to ensuring sustainable long-term earnings growth and maximising shareholder value”. The bidding proposal is still in initial assessment phase with no assurance that any transaction may be concluded
TNB added the the acquisition would help to pursue it’s strategy of establishing international footprint where energy demands are increasing. TNB has also assured that it will appoint financial advisers to ensure the purchase will proceed in fair and reasonable manners. TNB’s stock price was on high sellout during May 16 after it announced the purchase of Jimah East power plant by 1MDB .
Meanwhile 1MDB has received the proposal by various parties for it’s power assets