Tanjong expects RM70m impact from windfall tax

  • Business
  • Thursday, 17 Jul 2008

KUALA LUMPUR: Power-gaming company Tanjong plc expects the windfall tax which the Government imposed on independent power producers to have an estimated impact of RM70mil per annum.

Its chairman Datuk Robert Cheim said Thursday that the RM70mil impact per annum was based on the current year earnings.

On Tenaga Nasional Bhd’s call for power purchase agreement renegotiations, he confirmed the group was prepared to enter into negotiations after the windfall tax issue was resolved.

On the progress of the group’s Tropical Islands project in Germany, he said there were some improvements in operational efficiency and the revenue generation capacity.

“However, the longer term prospects of Tropical Islands hinge on successfully attracting visitors from a wider target market and the availability of adequate accommodation for long distance travellers to enjoy the whole suite of offerings at Tropical Islands,” he said.

Tanjong was in advanced stages of negotiations with third parties willing to independently finance the development of accommodation facilities and market then internationally, he said.

“Barring any unforeseen circumstances, we hope to conclude these before the end of the year,” he said.

 TANJONG :  [Stock Watch]  [News]

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