KUALA LUMPUR (July 4): Tadmax Resources Bhd, which was reported to have obtained the nod for a 1,000MW combined cycle gas turbine power plant project that would cost around RM3 billion to develop on its 60-acre piece of land on Pulau Indah, said it is unable to confirm "its position" about the project.

Tadmax told the bourse today that it submits proposals to various parties and/or government agencies from time to time and has not received any official indication or communication from the relevant parties regarding the status of the aforesaid project.

It also said it is continuously looking for and evaluating business opportunities and endeavours to participate in any viable opportunities identified and/or offered in order to enhance shareholders value.

"Tadmax will make the appropriate announcement for immediate public release in a timely manner, should there be further progress," it said.

Tadmax was responding to an article that was published by The Edge weekly for the week of July 4–10, citing sources, that said cabinet approval for the project was secured last week, though Tadmax still has to negotiate the terms and tariffs with the Energy Commission and a power purchase agreement with Tenaga Nasional Bhd.

Tadmax had originally wanted to sell its 60-acre Pulau Indah plot; but on June 24, it had mutually agreed with the buyer Inai Kiara Sdn Bhd to terminate the sale and purchase agreement for the plot that was signed almost two years earlier, with Tadmax returning the RM4.8 million deposit to Inai Kiara.

Tadmax rose 1.5 sen or 3.75% to close at 41.5 sen today, with 2.66 million shares traded.