Tadmax denies termination of Pulau Indah power plant project

As the value of the company is tied to the performance of the company, it is in the interest of the warring shareholders to argue and fight outside the company.

KUALA LUMPUR: Tadmax Resources Bhd has refuted a news report that the government has cancelled its power plant project in Pulah Indah, Selangor. 

A news article by a business weekly cited a source saying that the 1,000-1,200MW power plant was the latest in a series of independent power producer contracts terminated by the Pakatan Harapan government during its review of infrastructure projects.

However, Tadmax said in a stock exchange filing today that it is not aware of the alleged development and that the news report has no basis.

"Further, Tadmax wishes to notify that to-date, it has complied with all the requirements of all relevant government agencies and has not received any notifications of termination," it said.

"Tadmax will make the appropriate announcement for immediate public release in a timely manner, upon further material development on the power plant project," it added.

Bursa Malaysia approved a request by Tadmax for suspension of trading in its shares on Monday pending an announcement to clarify the news report.

The stock last traded on Friday at 28.5 sen a share.