KUALA LUMPUR (April 13): Tenaga Nasional Bhd has completed the acquisition of a 30% stake in Turkey-based power producer Gama Enerji 
for US$255 million (about RM983 million).

In a statement to Bursa Malaysia today, Malaysian state-controlled utility Tenaga said the deal involving 289.49 milllion Gama Enerji shares was completed after the transaction became unconditional. 

"Tenaga Nasional Bhd wishes to announce that the share sale agreement with the vendors in relation to the proposed acquisition has become unconditional and as such the proposed acquisition has been completed," Tenaga said.

Tenaga had initially announced the Gama Enerji stake buy in December 2015. Tenaga said then it was buying the Gama Enerji stake from Gama Holding, International Finance Corp and IFC Global Infrastructure Fund for US$243 million.

In March 2016, Tenaga said it had signed an amendment agreement with the sellers, resulting in the higher price at US$255 million for the Gama Enerji stake.

"This is due to the parties’ agreement to retain additional assets as a project of Gama Enerji," Tenaga said then.

Today, Tenaga shares rose six sen or 0.4% at 9:33am to RM14.38 for a market capitalisation of RM80.82 billion. The stock saw 72,800 shares traded.