Minorities to decide on TNB acquisition of 1MDB's Edra

Khazanah will abstain from voting as the deal is deemed a related-party transaction. This is because both TNB and 1Malaysia Development Bhd (1MDB), which owns Edra, are government-controlled. Khazanah owns 29.66% of TNB and about 81% of the national power company shares are held by institutional investors.

PETALING JAYA: Minority shareholders of Tenaga Nasional Bhd (TNB) will decide if the purchase of Edra Global Energy Bhd goes through, as TNB’s major shareholder Khazanah Nasional Bhd will not vote on the acquisition.

Khazanah will abstain from voting as the deal is deemed a related-party transaction. This is because both TNB and 1Malaysia Development Bhd (1MDB), which owns Edra, are government-controlled.