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2 June 2003 - Malaysia's state-owned power generator Tenaga Nasional Bhd is panning to build a 1400 MW coal-fired power plant at a cost of around four billion ringgit ($1bn) in a joint venture with Genting Bhd, according to a report in The Edge business newspaper.
Citing sources, the paper said that the plant could either be built on Langkawi island, in the northern Kedah state or near Kuantan Port in the central Pahang state.
Genting, through its 97.7 per cent owned subsidiary Mastika Lagenda, will have a 70 per cent stake in Sepang Power Sdn Bhd, the company that holds the licence for the new power plant, the newspaper said. The Edge said Tenaga would hold the balance of 30 per cent.
Genting is looking to diversify its earnings away from the gaming sector and already has investments in property, plantations, paper manufacturing and power. The company has been looking at the power sector aggressively as it provides some stability to its earnings.
The Edge said initially, Sepang Power was due to come onstream in 2009, after SKS Power's Tanjung Bin plant and YTL Power International Bhd's Jimah Power Holdings. But the Sepang Power plant now would come onstream earlier because of the slow progress at the Jimah plant, it said.
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