TNB signs pact to conclude Kapar Deal

  • Business
  • Saturday, 01 May 2004

Tenaga Nasional Bhd (TNB) signed yesterday the final stage of an agreement to divest the Sultan Salahuddin Abdul Aziz Power Station to Malakoff Bhd. 

The document was the second supplemental agreement of the asset sale, and third supplemental agreement to the power purchase agreement (PPA), between TNB and Kapar Energy Ventures (KEV). 

Tenaga said in a statement yesterday a supplemental agreement to the shareholders agreement between TNB, KEV and Malakoff was also signed. 

“TNB, KEV and Malakoff have appointed AmMerchant Bank Bhd and RHB Sakura Merchant Bankers Bhd to lead a consortium of arrangers to finance the proposed KEV Sdn Bhd,” it added. 

TNB president and chief executive officer Datuk Pian Sukro, Malakoff managing director Ahmad Jauhari Yahya and KEV director Radzuan Yahya signed the agreements. 

TNB chairman Datuk Amar Leo Moggie and Malakoff chairman Tan Sri Abdul Halim Ali were also present. 

The statement said the consortium would now proceed with the distribution and sell-down of the funding to other members of the consortium. 

The divestment plan, better known as “Kapar Deal,” will result in Malakoff, an independent power producer, holding a 40% stake in the RM4.2bil power station. – Bernama  

 Stock Watch On TENAGA Stock Watch On MALAKOF

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