KUALA LUMPUR (Sept 11): Tadmax Resources Bhd has received government approval to proceed with the development of a 1000-1200 MW combined cycle gas and turbine power plant in Pulau Indah.
In a filing to Bursa Malaysia today, Tadmax said its wholly-owned subsidiary Tadmax Indah Power Sdn Bhd received a letter from the Energy Commission (EC) today, notifying that the government of Malaysia had agreed on Aug 29 for the development of the project to proceed.
In February, The Edge Weekly reported that the development of the project — scheduled to be commissioned by early 2023 — had been terminated by the government, although Tadmax denied the contract had been scrapped. At the time, Putrajaya was reviewing planned infrastructure projects owing to the massive RM1 trillion debt the government inherited from the previous administration.
Tadmax shares have been suspended from trade with effect from 4.36pm today, and will resume trading when the market opens tomorrow. The counter last traded up 3 sen or 10.71% at 31 sen for a market capitalisation of RM242.82 million.