TNB incorporates two subsidiaries to facilitate internal reorganisation

KUALA LUMPUR (Aug 1): Tenaga Nasional Bhd (TNB) has incorporated two wholly-owned subsidiaries, TNB Power Generation Sdn Bhd (GenCo) and TNB Retail Sdn Bhd (RetailCo), to facilitate its proposed internal reorganisation.

In a filing with Bursa Malaysia today, the utility giant said GenCo’s principal activities are the ownership, management and operation of domestic power plants, renewable energy generation business, power plant operation and maintenance business as well as dry bulk terminal operations business.

Meanwhile, RetailCo’s principal activities are the sale of electricity to customers, collection of revenues from customers, the provision of customer services, operation of call management centres, green energy solution services and beyond the meter solution services, it said.

TNB said as of Aug 1, 2019, the directors of GenCo and RetailCo were Nazmi Othman, Datuk Fazlur Rahman Zainuddin and Datuk Ir Sharuddin Mohd Simin.

“The Incorporation is not expected to have a material impact on the net assets and gearing of TNB and its subsidiaries, as well as the group’s earnings and earnings per ordinary share for the financial year ending Dec 31, 2019,” it added.

TNB said the Incorporation was also not expected to have any effect on its share capital and shareholdings of the substantial shareholders.

TNB announced last month that its board had approved the proposed internal reorganisation which involves the transfer by TNB of its domestic power generation and electricity retail businesses to two new wholly-owned subsidiaries of TNB.

Source: TheEdgeMarkets