KUALA LUMPUR Feb 28 Sovereign wealth fund 1
Malaysia Development Bhd (1MDB) and partner Mitsui & Co Ltd
have won a government tender to build a $3.6 billion
power plant, which will help make the fund more attractive to
investors ahead of an IPO of its power assets.
The energy commission said on Friday 1MDB beat YTL Power
International, state firm Tenaga Nasional
and Malakoff Corp Bhd - a unit of MMC Corp for the
rights to build a 2,000 megawatt coal-fired power plant.
A decision on the winning bidder had been delayed after
bids came in too close to call.
1MDB, chaired by Prime Minister Najib Razak, is looking to
raise up to $2 billion. Sources said earlier at least six
investment banks had been shortlisted to make final
presentations for the IPO.
($1 = 3.2970 Malaysian ringgit)
(Reporting by Al-Zaquan Amer Hamzah; Writing by Niluksi
Koswanage; Editing by Edwina Gibbs)