KUCHING: Sarawak Energy Berhad’s (Sarawak Energy) share purchase of Sarawak Hidro Sdn Bhd (SHSB) was completed yesterday with the signing and close-out of items detailed in the Share Sale Agreement (SSA), said a press release yesterday.
Following this, Sarawak Energy will assume control of SHSB, the owner and operator of Bakun Hydroelectric Plant (HEP).
Sarawak Energy’s Group Chief Executive Officer Sharbini Suhaili said, “I am pleased to announce that we now own the 2,400MW Bakun HEP, the largest hydropower plant in the country. This achievement was made possible through our Chief Minister YAB Datuk Amar Abang Haji Johari Tun Datuk Abang Haji Openg’sstrong leadership and support.”
“This will allow us to consolidate power production, enabling us to have full ownership and operatorship of all major electricity generation facilities in Sarawak. We are grateful to the Sarawak Government for their continuing trust in Sarawak Energy to deliver the State’s strategy to develop and consolidate Sarawak’s energy resources,” he continued.
The SSA to acquire Bakun HEP for RM2.5 billion was completed at Sarawak Hidro’s office in Selangor yesterday in the presence of representatives from all parties involved, added the press statement.
Following the completion of the SSA, SEB Power Sdn Bhd- a wholly owned subsidiary of Sarawak Energy – acquired 100 per cent of shares in SHSB from the Ministry of Finance and Pesuruhjaya Tanah Persekutuan. The Ministry of Finance will maintain the current Letter of Undertaking and Government Guarantee on SHSB’s existing debts.
The acquisition is being funded through a mix of Sarawak Energy’s internally generated funds and SUKUK financing.
Sarawak Energy is a wholly state-owned energy development company and power utility and employs a workforce of over 4,600 Sarawakians. Sarawak Energy’s mission is to achieve sustainable growth and prosperity for Sarawak by meeting the region’s need for reliable, renewable energy.
