KUALA LUMPUR, March 5 Tycoon Ananda Krishnan has sold his energy generation resources to 1 Malaysia Development Bhd (1MDB) for RM8.5 billion, Singapores Straits Times reported today.
The sovereign wealth fund kick a host of international bidders, together with Saudi Arabias Saudi Water & Electric Co, to take carry out of Tanjong Energy Holdings in a understanding sealed late last Friday, financial management team concerned in a understanding told a daily.
The sale of Tanjong Energy is partial of a corporate overhaul that will additionally see Ananda (picture) sell his satellite business in a entrance weeks to financial a pull into gas scrutiny in Southeast Asia, a ST additionally said, quoting management team who have been close to a industrialist.
Rather than own energy assets, that have been heavily dependent on medium-term state-awarded concessions and energy purchase agreements (PPA), Ananda is betting that there is more income to be made in a supply of gas compulsory to run a energy plants, a management team said.
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