MALAYSIA PRESS-TNB may pay $378 mln for undersea cable-Malaysian Reserve

Thu Jun 21, 2012 8:57pm EDT

Tenaga Nasional Bhd (TNB) is expected to take up

the full cost of building the proposed $377.77 mln (1.2

billion ringgit) undersea cable across the Straits of

Malacca, according to an industry source.

The undersea cable, which is similar to the scrapped

$2.20 bln (7 billion ringgit) undersea cable for the Bakun

hydroelectric dam project to transmit electricity from

Sarawak to Peninsular Malaysia, was one of the projects

that TNB said it was looking into when it signed a

memorandum of understanding (MoU) on Monday with Indonesia's

state-owned power company and a mining company, which also

included a power plant project.

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Offshore support vessels (OSV) operator Bumi Armada Bhd

aims to double the size of its current fleet of 43

vessels in the next four years.

"We now have 43 vessels with an average age of five

years. It's a growing fleet and we target to double it by

2015/16," said Bumi Armada chief executive officer Hassan

Basma during a press conference on Thursday-The Edge

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Malaysian Airline System Bhd (MAS) has tweaked its

business turnaround plan and delayed its target to return to

profitability by another year to 2014, said managing

director and chief executive officer Ahmad Jauhari Yahya,

who also hinted at the possibility of layoffs.

Jauhari said the new plan followed events which occurred

over the past six months, including the reversal of the

share swap between Khazanah Nasional Bhd and Tune

Air Sdn Bhd, the $787.03 bln (2.5 billion ringgit) losses

MAS posted for financial year 2011, and the scrapping of a

new regional premium airline-The Edge.

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NOTE: Reuters has not verified these stories and does not vouch for their accuracy.

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