KUALA LUMPUR, Jan 19 – Cabinet has approved Tenaga Nasional Berhad (TNB) bid to buy over 1Malaysia Development Berhad’s (1MDB) 70% stake in Project the 3B coal power plant in Jimah, Negeri Sembilan, said Energy, Green Technology and Water Minister Maximus Ongkili.
“I will not disclose the amount of TNB will be paying for the stake which has held by 1MDB’s energy arm, Edra Global Energy Bhd. It will be in the willing-buyer-willing-seller basis. In the same time, government also chooses that not to go with an open tender due to the project was delayed and TNB could do it “fast and at an acceptable rate,” said Ongkili at Parliament lobby today.
“TNB and the government will decide on the tariff rate. Meanwhile, the 1MDB also obtained of RM11 billion project in the early 2014 which is to joint venture with Mitsui & Co Ltd and reportedly beat YTL Power International, TNB and Malakoff Corp in the open tender bid,” he added.