KUCHING, Aug 16 — The acquisition of Bakun Dam by state-owned power supplier Sarawak Energy Berhad (SEB) from Sarawak Hidro Sdn Bhd (SHSB) was completed today with the signing and close-out of items detailed in the Share Sale Agreement (SSA).
Following this, SEB assumes control of SHSB, the owner and operator of Bakun Hydroelectric Plant (HEP).
“I am pleased to announce that we now own the 2,400-megawatts (MW) Bakun dam, the largest hydropower plant in the country,” SEB’s group chief executive officer Sharbini Suhaili said this evening.
He said the signing of the SSA allows SEB to consolidate power production, enabling it to have full ownership and operatorship of all major electricity generation facilities in Sarawak.
The SSA to acquire Bakun Dam for RM2.5 billion was completed at Sarawak Hidro’s office in Selangor today in the presence of representatives from all parties involved.
Following the completion of the SSA, SEB Power Sdn Bhd—a wholly owned subsidiary of SEB—acquired 100 per cent of shares in SHSB from the Ministry of Finance and Pesuruhjaya Tanah Persekutuan.
“The federal Ministry of Finance will maintain the current Letter of Undertaking and Government Guarantee on SHSB’s existing debts,” Sharbini said, adding that the acquisition is being funded through a mix of SEB’s internally generated funds and sukuk financing.
With the acquisition of Bakun Dam, SEB also has the 944MW Murum Dam and 100MW Batang Ai Dam in its stable.
The construction of SEB’s fourth dam, the 1,285MW Baleh Dam, will start in October next year and is expected to be completed in 2025 at a cost of about RM8b.
After Baleh Dam, the state government has agreed to build the Trusan Dam in Limbang Division.
