LOW-PROFILE tycoon T. Ananda Krishnan is set to be a beneficiary if the entity linked to him, Tanjong Plc, exercises the warrants it holds in 1Malaysia Development Bhd’s (1MDB) energy arm prior to the latter’s listing.
Tanjong is holding these warrants, which it received as part payment for the power assets it sold to 1MDB back in 2012. When converted, Tanjong could hold up to 15% in 1MDB Energy Bhd – the power arm of the sovereign fund – and be in a position to divest this stake either during or following the initial public offering (IPO). Theoretically, this stake is worth over RM2bil if the IPO is valued at the high-end of RM16bil, as speculated by some bankers.
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