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Saudi firm eyes Malaysian power assets
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Thursday, 01 Mar 2012

Reuters reported that Saudi Water & Electricity Company has emerged as the highest bidder for the power assets of Malaysian tycoon Ananda Krishnan estimated to be worth over USD 3 billion.

Krishnan's sale of the power assets has attracted 12 initial bids with a final round of bidding expected by the end of March. Three parties will be shortlisted for the final round which will determine which bidder can fork out between USD 3.2 billion and USD 3.6 billion the price tag that Krishnan was looking at.

If the sale goes beyond USD 3 billion it will be the biggest power deal in southeast Asia. The largest deal in the sector was struck in 2008 when Temasek Holdings sold its Singapore generation firm PowerSeraya to Malaysia's YTL Power in 2008 for USD 3.03 billion.

Malaysian bidders in the preliminary round included 1Malaysia Development Berhad, a government owned strategic development company and joint bid by the country's No 2 lender CIMB and the Employees Provident Fund.

(Sourced from Reuters)

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