KUALA LUMPUR: Tenaga Nasional Bhd (TNB) has today incorporated two wholly-owned subsidiaries, TNB Power Generation Sdn Bhd (GenCo) and TNB Retail Sdn Bhd (RetailCo) under the Companies Act 2016 (Act) as private limited companies.
In an exchange filing today, TNB said the Incorporation would facilitate the proposed internal reorganisation.
“The board, having considered all aspects of the Incorporation, is of the opinion that the incorporation is in the best interest of the company,” it said.
The utility company said the Incorporation was not expected to have a material impact on its net assets and gearing and its subsidiaries as well as the earnings of the group and earnings per share in TNB for the financial year ending December 31, 2019.
It added the incorporation was not expected to have any effect on the share capital and shareholdings of the substantial shareholders of TNB.
The incorporation of Genco involved the issuance of share capital of RM2.00 comprising two ordinary shares.
TNB also named Nazmi Othman, Datuk Fazlur Rahman Zainuddin and Datuk Ir. Sharuddin Mohd Simin as GenCo directors.
GenCo’s principal activities are the ownership, management and operation of the domestic power plants, renewable energy generation business, power plant operation and maintenance business, and dry bulk terminal operations business.
Meanwhile, RetailCo also issued share capital of RM2.00 comprising two ordinary shares, with the appointment of directors including Nazmi Othman, Datuk Fazlur Rahman Zainuddin and Datuk Ir. Sharuddin bin Mohd Simin.
RetailCo’s principal activities include the sale of electricity to customers, collection of revenues from customers, the provision of customer services, operation of call management centres, green energy solution services and beyond the meter solution services.