KUALA LUMPUR (Oct 5): Tenaga Nasional Bhd (TNB) reiterated there was no "external" influence to bid for the 13 assets of 1Malaysia Development Bhd (1MDB)'s power arm Edra Global Energy Bhd.

TNB president and chief executive officer Datuk Seri Azman Mohd said today the decision to propose an acquisition of the assets was based on purely commercial reasons.

"We are free to decide on our own," he told reporters during a break at Khazanah Nasional Bhd's Megatrends Forum 2015 here.

"For us, it is a commercial decision. We follow all governance processes; and let me tell you, there is no imposition from any parties," he added.

He said whatever decision reached on the proposed acquisition will be based on shareholders' approval at an extraordinary general meeting (EGM).

"Whatever decision made will have to go through the EGM, which will be decided by minority shareholders. We are transparent," he added.

In mid-July, the power giant said it had submitted an indicative non-binding proposal to buy the five domestic and eight international power assets of Edra Energy.

Edra Energy has about 13 power and desalination plants in five countries. TNB is already in the process of buying Edra Energy's 70% stake in Project 3B, a 2,000MW coal-fired plant in Jimah, Negeri Sembilan, for RM46.98 million.

Azman said the deadline for the bidders of the non-binding offer is Oct 16 and TNB is in the midst of carrying out the due diligence process.

"Sometime in the middle of this month," he said on the deadline of the non-binding offer.

"We are in the due diligence process so everybody has to submit by middle of this month," he added.

Reuters had reported on Sept 8 that TNB is one of four suitors shortlisted for the final round of bidding for Edra.

The report, quoting banking sources, said the troubled fund, which has raked up RM42 billion in debts, has compiled a shortlist for Edra — which bankers value at around RM10 billion — but it did not identify the four parties.

TNB shares rose 0.66% or 8 sen to RM12.14 with 1.95 million shares traded at 12.09pm.

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