Malaysian firm drops bid for Bord Gáis Energy

Thursday 31 October 2013 12.02
Tenaga Nasional scraps its bid for the retail arm of Bord Gáis
Tenaga Nasional scraps its bid for the retail arm of Bord Gáis

Malaysian state power firm Tenaga Nasional has scrapped its bid for the retail arm of Bord Gáis, the Southeast Asian firm's chief financial officer said today.

"We want to focus on our current projects, especially domestic ones," Fazlur Rahman Zainuddinhe said at a media briefing after announcing Tenaga's fourth-quarter earnings results.

Tenaga saw net profit for the quarter fall sharply due to higher operating costs and a weaker ringgit.

Several other unnamed utility companies, infrastructure funds and private equity firms have also put in bids to buy Bord Gáis Energy.

Bord Gáis announced in May that it had started the sale process for Bord Gáis Energy, which sources said will make about €1.5 billion.

The sale is part of plan by the Government to sell state assets worth €3 billion as part of its European Union/International Monetary Fund bailout.

The state-owned group wants to complete the sale by the end of the year.