KUALA LUMPUR: Tadmax Resources Bhd rose more than 1.6% in early trade Thursday after the company obtained approval from the Government for its power plant project in Pulau Indah, Selangor.
The counter, one of the most actively traded, rose 1.61%, or 0.5 sen to 31.5 sen with 18.6 million shares traded.
Tadmax’s wholly owned subsidiary Tadmax Indah Power Sdn Bhd received a letter from the Energy Commission (EC) notifying that the government had agreed to proceed with the development of the 1000–1200MW combined cycle gas and turbine power plant.
In February, speculation of Tadmax’s RM3.5bil power plant project being terminated surfaced after four independent power producer contracts were scrapped by the Pakatan Harapan government in the middle of last year in its review of projects.
The project was scheduled to be commissioned by early 2023.