by TMR / pic by TMR FILE

TNB divests 100% stake in TNB Power Daharki Ltd 

TENAGA Nasional Bhd (TNB) has completed the divestment of 100% stake in its wholly-owned subsidiary, TNB Power Daharki Ltd (TPD), which in turn owns 100% stake in TNB Liberty Power Ltd (LPL), to AsiaPak Investments Ltd, a private investment company based in Pakistan and Hong Kong, for a total consideration of US$54.5 million (RM228.9 million). In a statement yesterday, the utility company said TPD is the holding company of LPL which owns and operates a 235-mega- watt combined-cycle gas turbine power plant that was commissioned 20 years ago in 2001, with a power purchase agreement expiring in September 2026.

PPB posts RM408m net profit in 3Q21 

PPB Group Bhd posted a net profit of RM407.91 million in the third quarter ended Sept 30, 2021 (3Q21), compared to RM411.57 million recorded in 3Q20. In a filing to Bursa Malaysia yesterday, the company said the revenue for the quarter rose to RM1.24 billion from RM1.04 billion in 3Q20 on the back of the improvement across all of its key segments except for the film exhibition and distribution segment. On its prospect, PPB said the performance of the grains and agribusiness segment will continue to be affected by the highly volatile food commodity market and high freight cost as global supply disruptions show no sign of easing in the immediate future.

MNRB’s net profit slips to RM38.8m in 2Q21 

MNRB Holdings Bhd’s net profit eased to RM38.83 million in the second quarter ended Sept 30, 2021 (2Q21), from RM42.36 million in 2Q20. Revenue, however, rose to RM730.04 million versus RM706.81 million previously, it said in a filing to Bursa Malaysia. For the six-month period, its net profit slipped to RM85.41 million from RM93.16 million, while revenue was higher at RM1.47 billion against RM1.28 million. The higher revenue was contributed by its reinsurance and takaful subsidiaries. — Bernama

Axiata’s subsidiary plans to acquire Touch Mindscape 

AXIATA Group Bhd’s indirect subsidiary, edotco Malaysia Sdn Bhd, has entered into a share sale agreement with Touch Group Holdings Sdn Bhd (TGHSB) for the acquisition of the entire issued and paid-up share capital of Touch Mindscape Sdn Bhd (TMs). The acquisition comprised 14.1 million ordinary shares and 10.9 million preference shares held by TGHSB for a total purchase consideration of RM1.7 billion. — Bernama