Malakoff can complete stake buy by April

  • Business
  • Wednesday, 19 Feb 2003

INDEPENDENT power producer Malakoff Bhd is targeting to complete the purchase of a 40% stake in Kapar power plant by April this year, according to its chairman Tan Sri Abdul Halim Ali. 

The deal was not at risk of being abandoned, as “both parties are still showing keen interest” in carrying it through, he said after the company AGM and EGM in Kuala Lumpur on Monday. “Currently, there are some details that need to be negotiated and agreed upon by both sides. The management is meeting with Tenaga Nasional Bhd (TNB) regularly to sort out these details,” he said. 

Malakoff subsidiary Kapar Energy Ventures Sdn Bhd had in April 2000 agreed to purchase a 40% stake in Kapar power plant from TNB for RM6.27bil, but which has since been revised and reduced to RM4.2bil. 

On the 2-year delay, Halim said: “This is a big investment. Naturally, it will take slightly longer than usual.”  

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