TNB seals agreements on its proposed internal revamp

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.


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