Monday, March 5, 2012

Tycoon sells power assets to KL govt fund

Straits Times: Mon, Mar 05
KUALA LUMPUR: Tycoon Ananda Krishnan has sold his international power generation assets for RM8.5 billion (S$3.5 billion) to Malaysia's sovereign wealth fund 1Malaysia Development (1MDB), a deal that financial executives said will presage a fresh round of restructuring in his business empire.

In an agreement signed late last Friday, 1MDB beat a cast of international bidders, including Saudi Arabia's Saudi Water & Electric Co, to take control of Tanjong Energy Holdings, financial executives involved in the deal told The Straits Times...

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