Corporate results: Tenaga Nasional Bhd and Mitrajaya

TNB’s internal reorganisation progresses
Tenaga Nasional Bhd (TNB) has entered into agreements with TNB Power Generation Sdn Bhd (TPGSB) and TNB Retail Sdn Bhd (TRSB) to execute its internal reorganisation exercise. In a filing to Bursa Malaysia, the power utility stated the shares in TNB Bukit Selambau Solar Sdn Bhd, a wholly-owned subsidiary of TNB Renewables Sdn Bhd, will be placing in GenCo, a new wholly-owned subsidiary of TNB which is expected to be incorporated by the third quarter of 2020 (3Q20). “Te proposed consideration for the GenCo assets and liabilities and RetailCo assets and liabilities based on the net carrying value in the unaudited proforma balance sheet of the generation business and retail business as at Dec 31, 2018 is RM12.05 billion and RM2 billion respectively due to the exclusion of certain liabilities and properties which do not form part of the Generation Business and Retail Business to be transferred.

Mitrajaya secures RM137m condo work project  
Mitrajaya Holdings Bhd has received a RM137 million contract to develop a 37-storey  condominium block with amenities in Mont’ Kiara, Kuala Lumpur. In an exchange filing yesterday, Mitrajaya noted the project was awarded by Milik Harta Sdn Bhd, a member of the UEM Group. The contract is for a duration of thirty months from the date for possession of site on Dec 30, 2019.