Tenaga says 1MDB power project stake buy is "not a bailout"

KUALA LUMPUR: National utility firm Tenaga Nasional Bhd (TNB) defended a move to buy 1MDB's entire stake in a planned 2,000 MW coal-fired power project, saying it was "not a bailout" of the debt-laden state fund.

"Based on financial analysis, the project is expected to have a positive impact on the earnings of TNB. It is not a bailout of 1MDB," TNB Chief Executive Officer Azman Mohd said in a press statement.