TNB COM­PLETES TAKEOVER OF 51% STAKE IN POWER FIRM

The Sun (Malaysia) - - SUNBIZ -

PETALING JAYA: Te­naga Na­sional Bhd (TNB) has com­pleted the takeover of a 51% stake in South­ern Power Gen­er­a­tion Sdn Bhd (SPG) from SIPP En­ergy Sdn Bhd for RM51. SPG was in­cor­po­rated on Aug 12, 2016 as the spe­cial pur­pose ve­hi­cle for the de­vel­op­ment of 2x720MW com­bined cy­cle gas tur­bine power plant in Pasir Gu­dang, Jo­hor. The ac­qui­si­tion will make TNB the con­trol­ling share­holder, while SIPP will own the re­main­ing 49%. The project is ex­pected to achieve its sched­uled com­mer­cial op­er­a­tion date on July 1, 2020. TNB’s share price was down two sen to close at RM14.28 on 9.8 mil­lion shares done. It has a mar­ket cap­i­tal­i­sa­tion of RM80.8 bil­lion.

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