(Oct 21): PKR’s Pandan MP Rafizi Ramli will file in a motion to Parliament to set a ceiling price for any prospective purchase by Tenaga Nasional Berhad (TNB) of 1Malaysia Development Berhad’s (1MDB) energy arm Edra Energy.

Rafizi told a press conference at the Parliament lobby today that TNB should not pay more than RM 8 billion for Edra’s energy assets, although Edra had paid RM 12 billion for the assets previously on top of a RM6 billion inherited loan.

The motion will be filed on Oct 27 under Standing Order 26, and will appear in the Order Paper on Nov 10.

“It is more important for us to shield TNB than to attempt to save 1MDB and drag TNB to take on 1MDB’s burden.”

TNB had reportedly made a conditional bid to buy over 1MDB’s energy assets under Edra.

Rafizi said given the current geopolitical realities, 1MDB's energy assets purchased from Genting Group and tycoon Ananda Krishnan would not be more than RM8 billion.

"At the time of purchase, which was three years ago, the assets were valued at RM8.7 billion. But 1MDB paid a RM3.3 billion premium and got it for RM12 billion," he said.

"But some of these assets are located in countries such as Egypt, and some of them have concession periods expiring. Hence, their value would have edged down further and would not be more than RM8 billion."

In an attempt to reduce its RM42 billion debt, 1MDB is attempting to dispose of its energy assets after failing to proceed with a planned initial public offering (IPO) for its energy assets. – The Malaysian Insider