Tadmax rises 5% on Pulau Indah power plant development

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KUALA LUMPUR (Sept 18): Tadmax Resources Bhd shares rose 5% on news of its plans to develop a 1,000MW-1,200MW combined cycle gas turbine power plant in Pulau Indah, following a Heads of Agreement (HoA) with Worldwide Holdings Bhd (WHB).

At 12.10pm, the counter rose one sen to 21 sen with 163,200 shares done, for a market capitalisation of RM156.66 million. In a year, the stock has fallen 44%.

On Friday (Sept 14), Tadmax said its project company Tadmax Indah Power Sdn Bhd is expected to undertake the planning, construction, development, commissioning, operation and commercialisation of the project.

Tadmax had signed a Memorandum of Understanding with WHB in relation to the combined cycle gas turbine plant on July 27.