Malaysia?s Tenaga completes stake increase in TNB Coal
Tuesday, July 26 2005 - 12:55 AM WIB
Malaysian state utility firm Tenaga Nasional Bhd (TNB) announced Monday that it had closed deal to increase its equity stake in TNB Coal International Ltd (TCIL) to 92.5 percent from 70 percent earlier by acquiring the interest from an individual shareholder, Nik Sallahuddin Nik Hussein, for a total purchase price of RM26.59 million.
Tenaga said the deal was closed with the fulfillment of all the Conditions Precedent and approvals of the Board of TNB and the Board of TNB Coal respectively.
TNB has entered into the Share Purchase Agreement (SPA) with Nik Salahuddin on 21 June 2005. Nik Salahuddin continues to hold the remaining shares of TCIL.
TCIL owns PT.Dasa Jasa Ekatama, a coal concession in South Kalimantan with annual production of around 1.5 million tons. The mine supplies coal to Tenaga?s power plants in Malaysia. (alex)