Pahlawan Sdn Bhd

cancelled

Closed

In August 1999, Pahlawan Sdn Bhd acquired a 330 MW gas-fired combined-cycle power plant (TKPS) from Tenaga Nasional Berhad (TNB). The plant was located in Tanjung Kling, Malacca State. Pahlawan sold power to TNB under a 21-year power purchase agreement signed in May 1999 (commencing in August 2000). Pahlawan was created in 1998 as a subsidiary of TNB, and was purchased by Powertek Sdn Bhd in April 1999. Powertek Sdn Bhd was initially owned by the Melaka state government (14.83%), Cergas Unggul Sdn Bhd (25.96%), Arab Malaysian Development Berhad (22.5%) and IVO Group (7.42%, Finland). Powertek was listed on the Main Board of the Bursa Malaysia Securities Berhad in 1996, but on 30 April 2003 Powertek became a wholly-owned subsidiary of Tanjong Energy Holdings Sdn Bhd (TEH) and so was removed from the exchange. TEH was a wholly-owned subsidiary of Tanjong public limited company, incorporated in England and listed on both the Bursa Malaysia Securities Berhad and the London Stock Exchange. The transaction agreement, which was signed in December 1998, included three agreements: the asset sale agreement among Pahlawan, Powertek and TNB, a subscription option agreement among Powertek, Pahlawan and TNB, and a PPA between Pahlawan and TNB. Powertek agreed to pay 40% of the RM 740 million (US$195 million) sale price in cash upfront and the remaining amount in cash or shares within a six year time period. Powertek agreed to give TNB a 7.8% equity stake in Pahlawan, and 20% in Powertek as part of the agreement. In November 2001 CIMB, a Malaysian investment bank, was mandated to arrange a RM450 million (US$118 million) Islamic bond to partly finance the acquisition – RM296m had already been paid and the remainder was due at the end of 2001. On March 2nd 2012, 1Malaysia Development Berhad (1MDB) acquired Tanjong Energy Holdings Sdn Bhd (TEHSB) for RM8.5 billion (US$2,820 million). Tanjong Energy owns equity in 13 IPPs internationally. Tanjong Energy fully acquired Poertek Berhad in April 2003. http://www.powertek.com.my/powertek/tkps.asp 6/20/2006. Second bond issue reference removed; this bond was used by Pahlawan to pay Powertek, as an internal transaction rather than as part of the project financing. http://www.reuters.com/article/2012/03/07/1malaysia-tanjong-idUSL4E8E73OX20120307 http://www.1mdb.com.my/news-1/1mdb-seals-tanjong-energy-deal

Energy

World Bank Group

Project

Power Generation (CCGT), Natural Gas, Cable car, Telecommunications, Government, Automotive