TNB COMPLETES TAKEOVER OF 51% STAKE IN POWER FIRM
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.