TADMAX Resources Bhd has received a letter of notification from the Ministry of Energy, Science, Technology, Environment and Climate Changes (Mestecc) to proceed with the development of a 1,000-1,200MW combined cycle gas and turbine power plant in Pulau Indah, Selangor.
Estimated to cost RM3.5 bil, the project will be undertaken by Tadmax’s subsidiary Tadmax Indah Power Sdn Bhd. The construction period would take three years and scheduled to be operational by Jan 1, 2024, Tadmax said in a Jan 3 Bursa filing.
Tadmax Indah Power is owned by Tadmax (40%), Worldwide Holdings Bhd (35%) and Korea Electric Power Corporation (25%). Worldwide Holdings is a Selangor state-owned company while Korea Electric is owned by the South Korean government and is the country’s largest power provider.
“The project will not contribute to the near-term profitability of the group as it takes approximately four years before commercial operation commences,” Tadmax said. But the group remains positive over the long-term contribution of the power plant to its bottom line.
Earlier, Tadmax shares were suspended from 2.30pm on Jan 3 at the request of the group. Prior to suspension, the counter traded unchanged at 30 sen, giving it a market capitalisation of RM235.13 mil. – Jan 3, 2020
