YTL Power acquires 19% stake in Ranhill

MIDF Research said its quick channel checks suggest this is a strategic investment decision for YTL Power.

PETALING JAYA: YTL Power International Bhd has emerged as a substantial shareholder of competitor Ranhill Utilities Bhd, with the acquisition of 243.33 million shares in the latter, equivalent to an 18.87% stake.

The equity purchase came barely two days after Ranhill had inked a memorandum of understanding (MoU) with China Energy International Group Co Ltd (CEIG) to collaborate on the Djuanda source-to-tap drinking water supply project in Indonesia.