TNB shares take hit in Bursa morning trade

The Tenaga Nasional Berhad (TNB) logo is seen on a building in Kuala Lumpur April 29, 2016. — Picture by Saw Siow Feng
The Tenaga Nasional Berhad (TNB) logo is seen on a building in Kuala Lumpur April 29, 2016. — Picture by Saw Siow Feng

KUALA LUMPUR, Jan 17 — Tenaga Nasional Bhd’s (TNB) shares on Bursa Malaysia took a hit in the morning session today, after the Energy Commission (EC), announced that the national power company would bear the RM929.37 million rebate to maintain current electricity tariffs in Peninsular Malaysia and Sabah.

As at midday break, the counter stood at RM15.84 sen, down by four sen with 2.56 million shares changing hands and after moving between RM15.78 and RM15.98 throughout the session.

EC chairman Datuk Abdul Razak Abdul Majid was reported today as saying the RM929.37 million rebate for power users which works out to 1.80 sen per kilowatt-hour, is for the period of Jan 1–June 30 this year.

The utility giant had also today announced its partnership with Telekom Malaysia Bhd to jointly develop an implementation plan for the government’s Nationwide Fiberisation Plan (NFP) delivery.

In a joint statement yesterday, it said the collaboration would capitalise on the combined strength of both government-linked companies (GLCs) in terms of reach, infrastructure and expertise.

Telekom Malaysia’s shares on Bursa Malaysia ended the morning session one sen lower at RM5.99 with 643,600 shares transacted. — Bernama

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