SINGAPORE (Aug 12): Malaysian electricity utility Tenaga Nasional Bhd plans to begin the process next year for a potential US$1 billion (RM4.44 billion) listing of its power generation business, sources close to the matter told Reuters. In what would be the country's largest initial public offering (IPO) in a decade, TNB Power Generation Sdn Bhd, known as TNB Genco, could be valued at about US$4 billion, the sources said, declining to be named owing to the confidential nature of the matter. Tenaga incorporated TNB Genco as a separate unit in August 2019 to take on its generation assets and liabilities as part of its group-wide transformation plan. TNB Genco says on its website it has a 54.3% share of Malaysia's power generation market. TNB Genco started operation in October 2020 and owns 10 thermal power plants, three hydroelectric schemes, two large solar farms and one port in Malaysia, according to its website.
