According to the Energy Commission (EC), electricity demand growth has been declining due to structural changes in the economy and increases in the electricity tariff.
KUALA LUMPUR: Tenaga Nasional Bhd
's share price saw RM2.50bil erased from its market capitalisation after its shares slumped to the lowest in March 2016.
At midday, it was down 44 sen to RM12.24 sen and weighed on the FBM KLCI.
The KLCI fell 11.35 points or 0.69% to 1,628.11. Trading volume was 2.42 billion shares valued at RM1.1bil.
The 44 sen decline wiped out RM2.50bil from the market capitalisation and reduced it to RM69.03bil.
Meanwhile, stock market data showed 85 million Tenaga shares were traded off-market at RM12.33 each or 25 sen below Wednesday's close.
The shares are believed to have been placed out by Khazanah Nasional totalling RM1.048bil.
The 85 million shares accounted for a 1.49% stake based on Tenaga's share base of 5.686 billion units.
Before the placement, Khazanah Nasional was the largest shareholder in the power giant at 28.76% or 1.635 billion shares followed by the Employees Provident Fund with 14.05%. Skim Amanah Saham Bumiputera owns 9.10% and KWAP 5.45%.
Vanguard Group Inc disposed of 6.239 million shares on February 28 and reduced its shareholdeing to 2.48% or 149.985 million units.
Macquaries Research has an Outperform with a target price (TP0 of RM15.80, AmInvestment Research a Hold and TP of RM13.50.
KAF and Maybank Investment Bank Research each had a Buy and TP at RM15.80 and RM15.50.
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