TNB chairman keeps mum over tenure speculation

By LYDIA NATHAN / Pic By ISMAIL CHE RUS

Tenaga Nasional Bhd (TNB) chairman Tan Sri Leo Moggie declined to comment on speculation over his chairmanship at the country’s largest power utility.

The former energy minister’s contract will come to an end in March this year after serving the position since 2004.

Speculation over his position has been rife following the massive changes at government-linked companies (GLCs) since Pakatan Harapan unseated Barisan Nasional in May last year.

“Today, we are celebrating Chinese New Year (CNY) with everyone. Let’s not talk about business,” he said at TNB’s CNY celebration in Kuala Lumpur yesterday.

During his tenure, the power generation company rose to new highs, including reaching a share price of around RM16.34 at the end of March last year. However, prices were tepid from its highs to RM13.04 yesterday, making the company the third-largest listed company with a market value of RM74.2 billion.

The 77-year-old Sarawak-born former politician was appointed director by the Minister of Finance Inc, a special shareholder of TNB.

Sovereign wealth fund Khazanah Nasional Bhd owns about a 15.3% interest in the power company.

The Malaysian Reserve had quoted Leo previously as saying TNB would follow policies set by the current government and adhere to them.

He added that as a GLC, TNB will remain sensitive to the policies of the day.

Meanwhile, TNB invited 50 orphans from five orphanages for the CNY event.

The five homes are Persatuan Kebajikan dan Sosial Kim Loo Ting, PPLKA Hua Ming Wilayah Kuala Lumpur and Selangor, Pertubuhan Penganut Bodhiksetra Vihara Kuala Lumpur, Yayasan Sunbeams Home Kuala Lumpur and Persatuan Rumah Sayangan Kuala Lumpur.

The event also showcased various performances which included an acrobatic high pole lion dance and a 12-festive drum show.

Also present as the guest of honour was Minister of Energy, Science, Technology, Environment and Climate Change Yeo Bee Yin.

Leo has spent almost three decades of his career in the government sector, rising to prominence during current Prime Minister Tun Dr Mahathir Mohamad’s leadership.

He has held several ministerial positions since 1976 in both the federal and state levels which include being the minister of works and an MP.