Tenaga has yet to receive official notification on project 3B

-A +A

KUALA LUMPUR (June 18): Tenaga Nasional Bhd said it has yet to receive any official notification from the government, in relation to the takeover of the Project 3B from cash-strapped 1Malaysia Development Bhd (1MDB).

“In relation to its investments, Tenaga emphasizes it remains committed in maximising its shareholders’ value by seeking business opportunities with strong commercial sense and in doing so, Tenaga shall comply with the applicable laws, rules and regulations as well as upholding the highest corporate governance standard,” said Tenaga, whose share price took a nosedive today, after the Energy, Green Technology and Water Minister Datuk Seri Maximus Ongkili announced that the Cabinet has approved the utility group to take over 1MDB’s project 3B.

“Tenaga will make the necessary announcement, should there be any further development on this matter,” said the statement filed to Bursa Malaysia, after the market close.

Tenaga’s share price tumbled 56 sen or 4.3% to RM12.60, giving it a market capitalisation of RM74.27 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.)