Concerns over TNB bid for 1MDB unit allayed, share price up

Under pressure: 1MDB logo is seen in Kuala Lumpur. TNB’s share price has been under pressure due to the perceived bailout of 1MDB. — AFP

PETALING JAYA: News that Tenaga Nasional Bhd (TNB) has put in the lowest bid for Edra Global Energy Bhd has allayed concerns that the company may have put in an over-priced bid for the latter’s power assets.

The stock surged to its highest since June this year, jumping by as much as RM1.06 in early trade. It closed 56 sen higher at RM13.20, with a market capitalisation of about RM74bil.