KUALA LUMPUR, July 5 Malaysia's state-owned
strategic development company 1Malaysia Development Bhd (1MDB)
said it would pay around $380 million to take control of a local
coal power plant firm, its third utility deal.
The 1.2 billion ringgit deal for 75 percent of Jimah Energy
Ventures follows last year's acquisitions of power assets from
Malaysia's second richest man, Ananda Krishnan, and
gaming-to-plantations group Genting Bhd for a combined
10.8 billion ringgit.
"The acquisition is supported by Jimah's strong cash flows
backed by a 25-year power purchase agreement expiring in 2033,"
1MDB said in a statement on Friday.
Jimah Energy Ventures is 80 percent owned by the Negri
Sembilan royal family while the remaining 20 percent is held by
Tenaga Nasional Bhd, the country largest power
The Jimah coal-fired power plant is comprised of two 700
The transaction is subject to customary financing and
regulatory approvals, 1MDB said.
($1 = 3.1827 Malaysian ringgit)
(Reporting by Yantoultra Ngui; Editing by Edwina Gibbs)