LETTER OF AWARD FOR THE FAST TRACK COMBINED CYCLE POWER PLANT IN JOHOR
YTL Power International Berhad is pleased to confirm that we have received a letter of award from the Energy Commission dated 27 May 2014 to SIPP-YTL-Tenaga consortium for the development of a 1000MW combined cycle power plant to be located in the State of Johor.
Pursuant to Paragraph 9.19(23) of the Bursa Malaysia Securities Berhad Main Market Listing Requirements, YTL Power International Berhad (“Company” or “YTL Power”) wishes to announce that YTL Communications Sdn Bhd (“YTL Comm”), a 60%-owned subsidiary of the Company, has on 2 June 2014 entered into an agreement with the sellers listed in the table below (“SPA”), for the acquisition of a total 1,500,000 ordinary shares of RM1.00 each in the capital of Konsortium Jaringan Selangor Sdn Bhd (“KJS”), representing 60% of the issued and paid-up share capital of KJS, for an aggregate consideration of RM49,800,000.00 in cash subject to adjustment, if any, in accordance with the SPA (“Proposed Acquisition”):-
Name of Seller
Number of ordinary shares disposed
Kumpulan Darul Ehsan Berhad
750,000
Ingres Software (M) Sdn Bhd
750,000
TOTAL
1,500,000
Upon completion of the Proposed Acquisition, KJS will become a subsidiary of YTL Comm and an indirect subsidiary of YTL Power.
KJS was incorporated on 21 September 1998 and is principally engaged in the business of planning, implementation and maintenance of telecommunication towers and telecommunication related services.
The Proposed Acquisition is expected to contribute positively to YTL Power’s consolidated earnings in the medium to long term. Save for this, the Proposed Acquisition is not expected to have any material effect on the net assets or gearing of the YTL Power group for the current financial year. None of the Directors or major shareholders of the Company or persons connected with them has any interest, direct or indirect in the Proposed Acquisition.
THE NEW 1,000 MW – 1,400 MW COMBINED CYCLE POWER PLANT IN JOHOR
As announced earlier, YTL Power International Berhad (“YTL Power”) received a letter of award from the Energy Commission (“EC”) dated 27 May 2014 addressed to SIPP Energy Sdn Bhd (“SIPP”), which provided for participation by YTL Power and Tenaga Nasional Berhad as consortium members (“TNB”) for the development of a 1,000 MW – 1,400 MW combined cycle power plant (the “Project”) to be located in the State of Johor.
The EC in its media release on 31 May 2014 announced that the conditional award was required to fast track the construction of the Project to meet system requirements and that the terms of the award stipulated that the tariff must be comparable to the Prai CCGT tender exercise concluded in 2012 that was awarded to TNB. The EC has been transparent over the terms of the award which have been announced. Notwithstanding the EC’s clarification, there has, in recent weeks, been much misunderstanding and public debate over the award of the Project.
We are thankful to the Government for having confidence in YTL Power, as part of the consortium, to deliver the Project on a fast track basis. However, in view of the misconception over the Project, YTL Power has decided not to participate in the Project under the present arrangement to dispel any misgivings over the Government’s commitment to transparency and good governance.
YTL Power welcomes any opportunity to participate in the Project or other new capacity requirements on a competitive basis and is prepared to do so on an accelerated timeline. We are confident that we will be able to offer competitive rates as demonstrated in recently concluded tender exercises.
YTL Power remains committed to investing in this country under the leadership of the present Government and supporting the Government’s Economic Transformation Programme.
COMPLETION OF ACQUISITION BY YTL COMMUNICATIONS SDN BHD OF 60% OF THE ISSUED AND PAID-UP SHARE CAPITAL OF KONSORTIUM JARINGAN SELANGOR SDN BHD
Further to the Company’s announcement of 4 June 2014 in relation to the acquisition by YTL Communications Sdn Bhd (“YTL Communications”) of a total 1,500,000 ordinary shares of RM1.00 each in the capital of Konsortium Jaringan Selangor Sdn Bhd (“KJS”), representing 60% of the issued and paid-up share capital of KJS, for an aggregate consideration of RM49,800,000.00 in cash subject to adjustment, if any, in accordance with the Share Purchase Agreement dated 2 June 2014 (“Proposed Acquisition”), the Board of Directors of the Company is pleased to advise that the Proposed Acquisition has been completed. Consequent thereto, KJS has become a subsidiary of YTL Communications and an indirect subsidiary of the Company.
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