KUALA LUMPUR, July 15 — Malaysia’s debt-laden state fund 1Malaysia Development Bhd (1MDB) has welcomed Tenaga Nasional Bhd’s interest in almost all its power assets, adding that it had also received interest from other parties.
The selling of assets parked under its power unit Edra Global Energy Bhd is a major plank of 1MDB’s efforts to reduce its US$11 billion (RM41.8 billion) debt, which is being examined by Malaysian authorities investigating accusations of financial mismanagement and graft.
Reuters reported last month that 1MDB was planning to scrap its planned US$3 billion listing of its power business.
Tenaga, Malaysia’s national power firm, said that it had submitted an indicative non-binding proposal to acquire the five domestic and eight international power assets of 1MDB’s power firm Edra Global.
The troubled state fund currently has a total of 14 power assets, which could be worth up to 18 billion ringgit, sources told Reuters in June. — Reuters
