KUALA LUMPUR, Nov 6 -- Tenaga Nasional Bhd's (TNB) has entered into agreements for its proposed internal reorganisation involving the transfer of its domestic power generation and electricity retail businesses into two new units, GenCo and RetailCo respectively.
In a filing to Bursa Malaysia today, TNB said it has sealed a conditional GenCo share purchase agreement (SPA) and conditional GenCo asset purchase agreement (APA) with its wholly-owned subsidiary, TNB Power Generation Sdn Bhd (TPGSB), for the transfer of the generation business to TPGSB by way of a scheme.
The giant utility also entered into a conditional RetailCo SPA and conditional RetailCo APA with its wholly-owned subsidiary TNB Retail Sdn Bhd (TRSB) for the transfer of the retail business to TRSB by way of a scheme.
It said the shares of TNB Renewables Sdn Bhd (TNB Renewables) will no longer be transferred to TPGSB, pursuant to the proposed GenCo transfer as disclosed in Section 2.1.1 of the initial announcement.
Instead, the shares of TNB Bukit Selambau Solar Sdn Bhd, the wholly-owned subsidiary of TNB Renewables, will now be transferred to TPGSB pursuant to the proposed GenCo transfer.
"Save for the conditions precedent of the RetailCo SPA and RetailCo APA, the other salient terms of the RetailCo SPA and RetailCo APA as disclosed in Section 2.2.3 of the initial announcement remain unchanged," it added.
TNB said the proposed consideration for the GenCo assets & liabilities and RetailCo assets & liabilities based on the net carrying value in the unaudited pro forma balance sheet of the generation business and retail business as at Dec 31, 2018 stood at RM12.05 billion and RM2.00 billion respectively, due to the exclusion of certain liabilities and properties which do not form part of the generation and retail businesses to be transferred.
KUALA LUMPUR, Aug 6 -- Serba Dinamik Holdings Bhd's wholly-owned subsidiary, Serba Dinamik International Ltd (SDIL), has received and accepted a letter of award from Future Digital Data Systems LLC (FDDS) to undertake the engineering, procurement, construction and completion of a data centre and its related facilities, infrastructure, and landscaping in the United Arab Emirates (UAE).
PUTRAJAYA, Aug 3 -- Petroliam Nasional Berhad (Petronas) today withdrew its appeal against the Kuching High Court's ruling that Sarawak is entitled to collect sales tax on petroleum products.
KUALA LUMPUR, July 30 -- Ultra Clean Holdings Inc (UCT), a US NASDAQ-listed developer and supplier of critical subsystems, ultrahigh purity cleaning and analytical services primarily for the semiconductor industry, will be setting up a 300,000 square foot manufacturing facility in the Batu Kawan Industrial Park, Penang.
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