Updated - Two bidders target 1MDB’s energy assets in Malaysia

Update: According to local sources, Tenaga Nasional Bhd (TNB) has put in the lowest bid for the equity in Edra Global Energy Bhd, just slightly above MYR8 billion (full valuation (EV) of MYR16.5 billion). The bid is understood to be about 20 per cent lower than the closest competing bid from a foreign consortium formed by China’s state-owned company China General Nuclear Power Corp Ltd and Qatar’s Nebras Power QSC.

Original article:

1Malaysia Development Bhd., Malaysia's state investment company that nearly defaulted earlier this year, has received bids for its energy unit Edra Global Energy.

1MDB tried to execute a  initial public offering of Edra Global Energy but instability in the markets impeded it. According to sources, 1MDB expects around 16 billion ringgit (US$3.7 billion) for Edra Global Energy.

Tenaga Nasional Bhd., Malaysia’s biggest listed utility, made a conditional offer joining at least two other bids that the state investment firm has received. The name of the other two bidders has not been revealed.

1MDB owns a generation capacity of 5,594 MW and is the second biggest independent power producer in Malaysia, and the largest independent power producer in Bangladesh and Egypt.

Foreign bidders may be restricted to owning no more than 49 percent of the plants unless they get an exemption from the Government.