KUALA LUMPUR (July 24): Shares of Tenaga Nasional Bhd (TNB) rose as much as 12 sen today to hit its one-month high of RM14.24.

The counter rose 0.85% right before the noon break, before paring its gains in afternoon trade. As at 3pm, shares of the energy company were 8 sen or 0.57% higher at RM14.20.

Volume totalled 2.68 million shares, much lower than TNB's 200-day average volume of 10.24 million shares.

On July 17, Prime Minister Datuk Seri Najib Razak said TNB's move to expand its footprint across the Malaysian borders to Turkey, India, the UK and the Middle East was in line with the government's strategy of further increasing its value as a listed entity.

"While TNB's value increases, so would the weightage of its brand value. Therefore, Khazanah Nasional Bhd, as its major shareholder, would be able to earn big returns.

"TNB's strategy of becoming a regional and global player fits well with the government. We will always protect and support TNB's policies based on its goals of raising its value as a corporation, and supplying electricity to Malaysians," Najib was reported saying at TNB's Hari Raya Aidilfitri open house.

Based on its latest share price, TNB has a market capitalisation of RM80.59 billion.