TNB acquires 5 pct stake in Jimah Power Plant from Negeri Sembilan govt

Jimah Power Plant

KUALA LUMPUR, July 29 -- Tenaga Nasional Bhd (TNB) is acquiring the Negeri Sembilan government's five per cent stake in the thermal coal-fired power plant in Jimah, Port Dickson, for RM80 million.

The utility firm said it signed agreements with Menteri Besar Negeri Sembilan (Inc) (MBINS) today to buy five per cent equity interest in plant owner and operator Jimah Energy Ventures Holdings Sdn Bhd (JEVH) and five per cent of Class B notes issued by Special Power Vehicle Bhd to MBINS.

Special Power Vehicle was set up in 2004 to raise funds to partly finance the plant's development and operation via the issuance of Islamic medium-term notes (MTN). 

"TNB will utilise internal funds to pay the purchase consideration,” it announced to Bursa Malaysia.

Edra Power Holdings Sdn Bhd owns 75 per cent interest in JEVH, while TNB and MBINS hold the remaining interest of 20 per cent and five per cent, respectively.

Special Power Vehicle's MTN facility comprises Class A and Class B notes. Class A notes were subscribed by the banks involved in the financing while Class B notes were subscribed by the shareholders of JEVH with the same shareholding structure.

TNB said the acquisition was not expected to have a material effect on its net assets and gearing.


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