Malakoff says Tanjung Bin power plant completion 'on track'

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KUALA LUMPUR (June 4): Malakoff Corp Bhd announced that the completion of its 1,000MW Tanjung Bin Energy coal-fired power plant (T4) was on track. This followed the ignition of the Johor-base power plant's boiler last Sunday.

Malakoff  (fundamental: N/A; valuation: N/A) chief operating officer Habib Husin said in a statement today T4 was expected to start running commercially on March 1, 2016.

“The fuel-firing of the boiler on May 31, 2015 is a major step towards the timely completion of the power plant. It will pave the way for the next equally important milestones, such as the boiler’s coal-firing and thereafter the power plant’s synchronisation to the national power grid,” Habib said.

According to Malakoff's website, the company has 11 electricity-generation projects across Malaysia, Saudi Arabia, Algeria, Bahrain and Australia.

These power plants have a collective effective electricity-generation capacity of 6,036 MW.

In Malaysia, Malakoff's effective capacity stands at 5,346MW from its six power plants here.

Malakoff shares rose one sen or 0.5% to settle at RM1.87 at the 12:30pm afternoon market break today.

Some 5.46 million shares changed hands.

At the current share price, the company has a market capitalisation of RM9.35 billion.

(Note: The Edge Research's fundamental score reflects a company’s profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)