Tenaga Nasional’s Stock Gains 2.4 Percent After Failing to Buy Assets of 1MDB

MALAYSIA – Tenaga Nasional Bhd (5347)’s stock was up 2.38 percent at noon Tuesday to lead other stocks traded at the Malaysian stock exchange. Shares of Tenaga Nasional were trading as high as 14.16 apiece on Tuesday, its highest in just over six months.

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The rise was attributed to the national electricity utilities failure to buy the energy assets of state fund 1Malaysia Development Bhd (1MDB).

1MDB on Monday agreed to sell these assets in a US$2.3 billion cash deal to China General Nuclear Power Corporation (CGN) in an attempt to cut its massive debt and restore investor confidence in the Southeast Asian country.

Tenaga was the other shortlisted bidder for the power business, Reuters has reported

Tenaga Nasional Berhad is the largest Electric utility company in Malaysia and also the largest power company in Southeast Asia with MYR 99.03 billion worth of assets. – BusinessNewsAsia.com

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