KUALA LUMPUR, Nov 24 — China General Nuclear Power Corporation (CGN), which has successfully won the bidding process for 1Malaysia Development Bhd’s (1MDB) energy arm, Edra Global Energy Bhd, does not rule out a possible listing for the power company in the medium term.
In a statement today, CGN said the company would welcome Malaysian investors into Edra at the opportune time.
It said the total asset value being transacted amounted to about RM17 billion, and CGN intended to further capitalise Edra for the successful delivery of the two major power development projects in Melaka and Kedah.
It will also enable Edra to pursue expansion opportunities in Egypt, Bangladesh and elsewhere, said CGN.
CGN Chairman He Yu said the company has total assets amounting to more than US$65 billion, with several subsidiaries currently listed on the Hong Kong Stock Exchange.
The company has also invested in power projects located in China, South Korea, Australia, the UK and France.
As the company’s common practice on post-acquisition integration, CGN will maintain all existing senior management and staff the companies it acquired.
He Yu said CGN had encouraged the current local management and staff to continue running Edra as it believed that a company’s strength is in its people and that they know how to run the business best in the countries in which they operate.