ANKARA: Tenaga Nasional Bhd (TNB) has completed its planned acquisition of a 30% stake in Turkey-based power company GAMA Enerji AS for US$255mil (RM987.5mil). The national utility said in its filings with Bursa Malaysia yesterday that the share sale agreement with the vendors in relation to the proposed acquisition had become unconditional.
“As such, the proposed acquisition has been completed,” TNB said. It had earlier said the exercise would give TNB a stake in power generation assets in Turkey and a platform to pursue infrastructure projects in the surrounding region.
GAMA Enerji is building an 840MW gas-fired plant and a 45MW wind power plant in Turkey. It has also developed and operates a large water conveyance project in Jordan. By 2017, GAMA Enerji is expected to have a gross installed capacity of 1,027MW in Turkey.
TNB signed the share sale agreement and shareholders’ agreement to buy the stake in GAMA Enerji from GAMA Holding AS, International Finance Corp, and GIF Holding I Cooperatief U.A last December. As part of the deal, TNB would also form a separate partnership with GAMA Holding to jointly offer operations and maintenance (O&M) facilities services regionally. This would allow TNB to pursue untapped opportunities in the region’s O&M sector as well as leverage on GAMA Holding’s regional leadership in engineering, procurement and construction services.
