Friday 29 Mar 2024
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This article first appeared in The Edge Financial Daily, on September 29, 2015.

 

KUALA LUMPUR: Saudi Arabia-based power plant player ACWA Power International has denied a recent media report that it had submitted its final offer for 1Malaysia Development Bhd’s (1MDB) power plants.

ACWA Power said while it is interested in participating in a transparent process for the transaction, it was not invited by 1MDB to make any final offer.

“To the best of [our] knowledge, ACWA Power was not invited by 1MDB to make any final offer, nor are we on a shortlist of bidders for the same,” said ACWA Power in a statement yesterday.

ACWA Power is a developer, investor, co-owner and operator of a portfolio of power generation and desalinated water production plants currently in 12 countries in the Middle East, North Africa, Southern Africa and Southeast Asia.

Its power portfolio has an investment value of more than US$26 billion (RM114.66 billion), the statement read.

The sale is part of 1MDB’s rationalisation plan after it drew criticism from federal lawmakers here, after its borrowings rose to about RM42 billion in just five years of operation.

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