26 April 2002 – Tenaga Nasional Bhd. will likely sell its 20 per cent stake in Genting Sanyen Power Sdn. Bhd. to Genting Bhd. for more than MYR200m ($79m).The announcement of the sale is expected later Friday, the report says. Tenaga plans to sell its stakes in five independent power producers to raise funds to reduce debt.
Genting Sanyen operates a 720MW power plant in Kuala Langat, in Selangor state. Genting owns a 39 per cent stake in Genting Sanyen.
The report says Genting is also keen to buy Sepang Power Sdn. Bhd., which has a license to build another 710MW power plant in Kuala Langat.
However, Genting is still considering Tenaga’s condition that the new plant must use coal instead of gas as fuel.
Tenaga in November signed an agreement to acquire Malaysian Resources Corp. Bhd.’s 70 per cent stake in Sepang Power for MYR115m.