Project 3B takeover plan by TNB from 1MDB drags down TNB shares

PETALING JAYA: News that the Government has approved Tenaga Nasional Bhd’s (TNB) plan to take over Project 3B, a power plant that had been earlier awarded to 1Malaysia Development Bhd (1MDB), sent the former’s stock plummeting by some 4.26% or 56 sen, wiping out some RM3.16bil from its market capitalisation.

TNB’s shares plunged by as much as 86 sen to RM12.30 in intra-day trading just after the Government announced its approval for TNB to take over the project. The counter later recovered to close at RM12.60.