TNB to dissolve Sepang Power

KUALA LUMPUR: Tenaga Nasional Bhd (TNB) says its 70 per cent-owned Sepang Power Sdn Bhd will be dissolved three months after its lodgement of the return of final winding-up meeting on Feb 16 with the Companies Commission of Malaysia.

TNB, in a Bursa Malaysia filing today, said the dissolution would not have any impact on the utility giant's earnings and net assets for the financial year ending Dec 31, 2023, or its operations.

The company said its shareholders had resolved at its general meeting previously to voluntarily dissolve Sepang Power and that Datuk Mohd Afrizan Datuk Hussain and Afrizan Tarmili Khairul Azhar had been appointed as liquidators.

TNB bought Sepang Power in 2002 to develop, construct and operate a 480 megawatts new open-cycle gas turbine electricity facility in Kuala Langat, Selangor.

The project, however, did not materialise and Sepang Power has been dormant since 2002.

"The company is not a major subsidiary of TNB and its cost of investment is RM700,000.00. The voluntary winding-up constitutes TNB's rationalisation efforts to wind-up inactive/dormant subsidiaries within the TNB group," it said.

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