Malaysia Sovereign Fund Pays $2.8B For Power Assets

Law360, New York (March 7, 2012, 3:10 PM EST) -- A state-owned Malaysian investment firm will pay 8.5 billion Malaysian ringgit ($2.81 billion) for independent power producer Tanjong Energy Holdings Sdn. Bhd., the company, 1Malaysia Development Bhd., said Wednesday.

Tanjong Energy owns eight power plants outright and has stakes in five more across Malaysia, Egypt, Bangladesh, Pakistan, Sri Lanka and the United Arab Emirates, with total generating capacity of 3,951 megawatts. It is owned by Ananda Krishnan, the Malaysian magnate worth an estimated $9.5 billion.

“The acquisition signals the first step towards fulfilling 1MDB’s strategic intent...
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