SEB now has full ownership of Bakun hydroelectric dam

Bakun Hydroelectric Plant is the largest hydropower plant in the country. - SEB

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KUCHING: Sarawak Energy Berhad now has full ownership and operatorship of all major electricity generation facilities in Sarawak following the conclusion of the RM2.5 billion Share Sale Agreement of Bakun Hydroelectric Plant.

Sarawak Energy share purchase of Sarawak Hidro Sdn Bhd (SHSB) was completed with the signing and close-out of items detailed in the Share Sale Agreement (SSA) in the presence of Finance Ministry representatives and Pesuruhjaya Tanah Persekutuan, a minority shareholder.

Sarawak Energy’s Group Chief Executive Officer Sharbini Suhaili said Sarawak now owns the largest hydropower plant in the country.

“We are also assuming control of SHSB, the owner and operator of Bakun HEP,” said Sharbini in a statement.

The acquisition is being funded through a mix of Sarawak Energy’s internally generated funds and SUKUK financing, while the Finance Ministry will maintain the current Letter of Undertaking and Government guarantee on SHSB’s existing debts.

Sharbini also said this achievement was made possible through our Chief Minister Datuk Amar Abang Johari Tun Openg’s strong leadership and support.

“We are grateful to the Sarawak Government for their continuing trust in Sarawak Energy to deliver the State’s strategy to develop and consolidate Sarawak’s energy resources,” he added. –