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AFRICAN STOCK EXCHANGES ASSOCIATION (ASEA) CONFERENCE
vatisation: An Overview of the Malaysian Experience
8thAFRICAN STOCK EXCHANGES ASSOCIATION
(ASEA) CONFERENCE
AND NAIROBI STOCK EXCHANGE GOLDEN JUBILEECONFERENCE 23 to 26 November, 2004
Privatisation:
An Overview of the Malaysian
ExperienceMr Ooi Soo Nam,
Director, Corporate Finance
AmMerchant Bank Berhad
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AFRICAN STOCK EXCHANGES ASSOCIATION (ASEA) CONFERENCE
vatisation: An Overview of the Malaysian Experience
Overview of PSP in Malaysia
Financing Privatised Projects
Way Forward - PPP
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vatisation: An Overview of the Malaysian Experience
Overview of PSP in Malaysia
Financing Privatised Projects
Way Forward PPP
Overview of PSP in Malaysia
O i f PSP i M l i
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AFRICAN STOCK EXCHANGES ASSOCIATION (ASEA) CONFERENCE
vatisation: An Overview of the Malaysian Experience
Overview of PSP in Malaysia
Developments
Commencement of the privatisation initiative in 1981
Officially took off as a Government Policy in 1983
Launch of the Privatisation Masterplan in February
1991
A total of 457 projects undertaken (up to Year 2000)
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vatisation: An Overview of the Malaysian Experience
Overview of PSP in Malaysia
Modalities
Modalities
Existingprojects
New
projects
Build-Operate-Transfer
Build-Operate
Build-Lease-Transfer
Build-Transfer
Outright Sale (assets/equity)
Lease of assets
MBO
Management contract
(contd)
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vatisation: An Overview of the Malaysian Experience
Overview of PSP in Malaysia
Privatisation Continuum
CommercialisationDivestiture/
PrivatisationCorporatisation
Government
Department
Self-accounting
Entity
State-owned
Corporation
Private-Sector
Company
(contd)
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vatisation: An Overview of the Malaysian Experience
Award of
Project by EPU
Award of
Project by EPU
Detailed Financial Analysis
Finetune parameters
Establish assumptions
Base Case projection
Scenario analysis Test key financial indicators
Structure financing framework
Assess concession requirements
Detailed Financial Analysis
Finetune parameters
Establish assumptions
Base Case projection
Scenario analysis
Test key financial indicators Structure financing framework
Assess concession requirements
Negotiation with the GovernmentNegotiation with the Government
Governments approvalGovernments approval
Design Financial Package Finetune funding requirements Prepare Information Memorandum Meet & negotiate with potential lenders/investors Evaluate funding terms Identify final project financiers Financial closing
Design Financial Package Finetune funding requirements Prepare Information Memorandum Meet & negotiate with potential lenders/investors Evaluate funding terms Identify final project financiers Financial closing
Secure FinanceSecure Finance
Main Technical
Analysis
Main Technical
Analysis
Feedback
Prepare & execute
legal documents-
Concession Agreement, etc.
Prepare & execute
legal documents-
Concession Agreement, etc.
IPC Listing ExerciseIPC Listing Exercise
ypical Privatisation Process
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vatisation: An Overview of the Malaysian Experience
Overview of PSP in Malaysia
Objectives of Privatisation Inject private sector efficiency, productivity and
technology into key areas of the economy
Facilitate economic growth through multipliereffects of the private sector spending
Relieve the financial and administrative burden ofthe Government
Reduce the size and presence of the public sector
in the economy reduce crowding out of privatesector and competition for funds
verv ew o n a ays a
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vatisation: An Overview of the Malaysian Experience
verv ew o n a ays a
Key Benefits
Accelerated infrastructure development in
the country with multiplier effects on theeconomy
Public sector resources channeled to moresocial needs
verv ew o n a ays a
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AFRICAN STOCK EXCHANGES ASSOCIATION (ASEA) CONFERENCE
vatisation: An Overview of the Malaysian Experience
Privatisation Projects Undertaken
verv ew o n a ays a
Savings (USD bil) :
1.9 Annual operating expenditure
6.1 Proceeds from sale of government equity
34.8 Capital expenditure
107,000No. of employees transferred
119 New projects
338 Existing projects457Total privatised projects (1983 to 2000)
Page 5
verv ew o n a ays a
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vatisation: An Overview of the Malaysian Experience
verv ew o n a ays a
Landmark Privatisation Cases
Telekom Malaysia Berhad the national
telecommunications company Corporatised in October 1984
Privatised via listing in 1990
Tenaga Nasional Berhad the national electricity
company
Established in 1990 with the corporatisation of theNational Electricity Board
Listed on the stock exchange in May 1992
Metamorphosis of Government-owned entities
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AFRICAN STOCK EXCHANGES ASSOCIATION (ASEA) CONFERENCE
vatisation: An Overview of the Malaysian Experience
andmark Privatisation Cases
North South Highway Project the first and largesttoll-road of 848 km
BOT involving upgrading of existing road and constructionof some 500 km (60% of the road)
Completed in 1994 at a total cost of USD1.6 bil
Now, 25 tolled road projects completed/approved with totaldistance of 1,856 km (Refer to Appendices I,II and III)
Independent Power Producers
First IPP was YTL Power Generation in 1993 with a 1,212MW plant (costing USD1 bil)
Now, 20 IPPs contribute about 35% of the overall powercapacity with more than 6,000 MW (Refer to Appendices IV and V)
Mega-infrastructure developments
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AFRICAN STOCK EXCHANGES ASSOCIATION (ASEA) CONFERENCE
vatisation: An Overview of the Malaysian Experience
Overview of PSP in Malaysia
Financing Privatised Projects
Way Forward PPP
Financing Privatised Projects
nanc ng r va se ro ec s
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vatisation: An Overview of the Malaysian Experience
nanc ng r va se ro ec s
Early Experience
Key Characteristics of Infrastructure Projects
Huge up-front capital expenditure
Long gestation periods
Key Financing Issues
Mismatch of cashflows with financing requirements
- Relatively short tenure (around 10 years)
- Normally floating interest rates
- Credit limit constraints of banks
These are commonly faced by the early infrastructureprojects which are financed through normal debt funding.
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vatisation: An Overview of the Malaysian Experience
PROJECT COMPANYPROJECT COMPANY
Typical Privatisation Structure of an
Infrastructure Project
FINANCIERSFINANCIERS O&M
OPERATOR
O&M
OPERATOR
INDEPENDENT
CONSULTING
ENGINEERS
INDEPENDENT
CONSULTING
ENGINEERSINSURERS
INSURERS
GOVERNMENTGOVERNMENT
SHAREHOLDER 1SHAREHOLDER 1
SHAREHOLDER 2SHAREHOLDER 2
CONTRACTORS
& EQUIPMENT
SUPPLIERS
CONTRACTORS
& EQUIPMENT
SUPPLIERS
Shareholders Agreement
Concession Agreement/Incentives Etc.
Financing Agreement
InsuranceCoverage
Revenue
Collection
ConsultancyService Agreement
Operations & Maintenance Agreement
Construction/Procurement Contracts
END-USERSEND-USERS
Financing Privatised Projects
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vatisation: An Overview of the Malaysian Experience
g j
Governments Role
Establish enabling legislation/regulatory frameworkto broaden and deepen the private sector funding
via the capital markets both equity and debt
Direct financial assistance through grants/ support
loans Nominate special entity to extend financing withlonger tenure and concessionary terms (e.g.
capitalised interests) Development andInfrastructure Bank
nanc ng r va se ro ec s
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vatisation: An Overview of the Malaysian Experience
g
ccess to the Debt Capital Markets
Development of the Bond Markets
The Government has been instrumental in developing the bond
market Established the National Bond Market Committee to set the
overall policy direction and rationalise the regulatory framework
Created a system of Principal Dealers Incorporate rating agencies Rating Agency Malaysia Berhad in
1990 and Malaysia Rating Corporation Berhad in 1995
Undertaken benchmarking issues Other policies/incentives e.g. income tax relief for certain
Islamic debt instruments, stamp duty exemptions for Asset-
backed Securities, one-stop regulatory body (with guidelines forPDS, ABS and Islamic instruments)
Financing Privatised Projects
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vatisation: An Overview of the Malaysian Experience
Financing Privatised Projects
ccess to the Debt Capital Markets
Development of the Bond Market (Contd)
Grown tremendously with amount outstanding of
USD0.1 bil at end-1987 to USD81 bil at end-2003
In 2003, > USD25 bil of debt papers issued vs.
USD10.5 bil in 2002 PDS issuance (from private companies) is close to
USD11.3 bil an increase of 76% from 2002 at
USD6.5 bil
Financing Privatised Projects
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vatisation: An Overview of the Malaysian Experience
g j
ccess to the Debt Capital Markets
Key Advantages of PDS instruments vis--visConventional debts
Longer tenure ( up to 20 years)
Lower interest rates of comparable tenure
Fixed interest rates
Financing Privatised Projects
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vatisation: An Overview of the Malaysian Experience
ccess to the Debt Capital Markets
Major PDS Issues for Infrastructure Projects
597
(2 issues)
Utilities
- Power
Malakoff
581Utilities
-Power
Segeri Energy Venture
737
(2 issues)
Utilities
- Power
YTL Power
1,439Transportation
- Light Rail
Syarikat Prasarana Negara
Bhd
529 (Islamic)Infrastructure
- Highway
SILK
895 (lslamic)Utilities- Power
Kapar
1,466 (Islamic )Utilities- Power
SKS
Value (USD mil)IndustryIssuer
Financing Privatised Projects
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vatisation: An Overview of the Malaysian Experience
Page 9
g j
Access to the Equity Capital Markets
Normal Listings on respective Sectors
Infrastructure Project Companies (IPC)
Financing Privatised Projects
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vatisation: An Overview of the Malaysian Experience
ccess to the Equity Capital Markets
IPC listing guidelines introduced in 1995
leeway for direct listing of greenfield projects 8 companies listed under this route with total
market capitalisation of USD4.6 bil i.e. 2.6% ofthe total market capitalisation of USD177.1
billion (29/10/04)
Financing Privatised Projects
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vatisation: An Overview of the Malaysian Experience
ccess to the Equity Capital Markets
Tapping the equity Capital Markets Criteria for IPC
Listing Has a concession/licence from a government/ state
agency, in or outside Malaysia, (with at least 15
years remaining)
Project costs > USD131 mil
Contributes to the overall economic growth ofMalaysia
Financing Privatised Projects
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vatisation: An Overview of the Malaysian Experience
Access to the Equity Capital Markets
Comparison with Other Listing Routes
Listing on the Main Board
Paid up capital of USD15.8 mil
Profit track record of USD7.9 mil with USD2.1 milin the latest financial year
Market Capitalisation Test
Paid up capital of at least USD65.8 mil
Profit of at least USD2.1 mil in the latest financial
year
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vatisation: An Overview of the Malaysian Experience
Access to the Equity Capital Markets
Currently, there are 8 IPCs listed
82317.4Utilities
- Water
Puncak Niaga
(Water Treatment Operator)
86303.7Infrastructure
- Highway
LITRAK
(Toll Road Operator)
-52.1Transportation
- Monorail
KL Infrastructure Group
( Monorail Operator )
37967.1Utilities
- Telecommunication
DIGI.Com
(Mobile Service Provider)
Top 100
Companies based
on Market
Capitalisation
Market
Capitalisation
(USD mil)
ActivityName
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vatisation: An Overview of the Malaysian Experience
Access to the Equity Capital Markets
Currently, there are 8 IPCs listed (contd)
172,176.5Utilities
- Power
YTL Power
(Independent Power Producer)
48572.8Utilities- Telecommunication
Time dotCom(Telecommunication Service
Provider)
-37.9Infrastructure
- Highway
Sunway Infrastructure
(Toll Road Operator)
-168.9Utilities- Water
Ranhill Utilities(Water Treatment Operator)
Top 100Companies
based on Market
Capitalisation
MarketCapitalisation
(USDmil)
ActivityName
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vatisation: An Overview of the Malaysian Experience
ccess to the Equity Capital Markets
Currently, there are 11 privatised companies among the Top 100 listedcompanies based on Market Capitalisation
46,539.2Transportation
- Shipping
MISC
(National Shipping Company)
39,279.6Utilities
- Power
Tenaga
(National Electricity
Generator/Distributor)
261,253.3Transportation
- Airlines
MAS
(National Airlines Operator)
103,381.6Infrastructure
- Highway
PLUS
(Toll Road Operator)
210,212.3Utilities
- Telecommunications
Telekom
(National Telecommunications
Service Porvider)
Position
(as at 291004)
Market
Capitalisation
(USD mil)
ActivityName
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vatisation: An Overview of the Malaysian Experience
Access to the Equity Capital Markets
Currently, there are 11 privatised companies among the Top 100 listedcompanies based on Market Capitalisation (Contd)
91289.2Infrastructure
- Bridge
UEM Builders
93279.7ServicesPos Malaysia
(National Postal Service
Operator)
81321.6Infrastructure
- Ports
NCB
(Port Operator)
73370.5Infrastructure
- Ports
Bintulu Port
(Port Operator)
58451.6Transportation
- Airlines
Malaysian Airport
(National Airports Operator)
201,554.4Utilities
- Power
Malakoff (IPPs)
Position
(as at 291004)
Market Capitalisation
(USD mil)
ActivityName
Financing Privatised Projects
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vatisation: An Overview of the Malaysian Experience
Critical Success Factors
Strong Government Body/ Promoting Entity
The Economic Planning Unit of the Prime MinistersDept is the one-stop approving agency
Plans and monitors the privatisation programme
Coordinates the evaluation of proposals and thenegotiation process among the various government
agencies
Financing Privatised Projects
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vatisation: An Overview of the Malaysian Experience
Critical Success Factors
Robust Legal, Regulatory and Contractual
Framework Proper project structure is critical
Key agreement is the concession agreement Enabling legislation may need to be
implemented Proper Risk Allocation
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vatisation: An Overview of the Malaysian Experience
Overview of PSP in Malaysia
Financing Privatised Projects Way Forward PPP
Way Forward PPP
ay Forward PPP
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AFRICAN STOCK EXCHANGES ASSOCIATION (ASEA) CONFERENCE
vatisation: An Overview of the Malaysian Experience
Case Study
Water Privatisation
Based on a National Water Resources MasterPlan, development works of USD13.7 bil will be
required over a 50-year period (2000 2050)
Presently, water is under jurisdictions of the
respective States(13) in the country
Various modes of privatisation are in existence
ase u y ay orwar
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vatisation: An Overview of the Malaysian Experience
Case Study
Water Privatisation (contd)
Holistic approach ie. full scope of the water supply,
including source works treatment of raw water, distribution,
billings and collections.
- 3 cases where 2 namely PBA and Ranhill Utilities are listed
BOT of water treatment plants by private sectors ie.treatment of raw water and O&M of the treatment plants
- numerous cases where 3 namely Puncak Niaga, Intan
Utilities and Taliworks are listed Management contracts on the O&M of water treatment
plants 4 cases
ay orwar
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vatisation: An Overview of the Malaysian Experience
Case Study
Water Privatisation (contd)
Various States still facing NRW problems (30 40%)
Cashflow constraint/pressure arising from payment oftreatment water from BOT concessionaires
Existing tariffs are heavily subsidised and price
increase very sensitive to consumers
Shortage of raw water for treatment in more densely
populated States
ay orwar
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vatisation: An Overview of the Malaysian Experience
Case Study
Water Privatisation (contd)
Rethink on the approach - National/common water policy
One-stop agency National Water Commission
Uniform water supply rules and regulations
Adequacy of water resources interstate water transfer ofraw water
Transparency of the Pricing process
Mechanism to monitor and evaluate the performance of the
privatised entities
ay orwar
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vatisation: An Overview of the Malaysian Experience
Lessons Learnt
More transparent and pragmatic approach needed
Should the Project be privatised?
- Is it a priority Project? Is the Project privatisable on a fully commercial basis with
full pass through of costs?
- Is the proposed charges/tariffs affordable/acceptable?- Is the usage/traffic volume sufficient?
Is the Project Costs reasonable?
- Is the costs too high or too low?- Can the Project do without the features and yet providethe acceptable standard of service?
ay orwar
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vatisation: An Overview of the Malaysian Experience
Lessons Learnt
Proposed PPP Approach
Value for Money ie. best value and not thecheapest costs
Sharing of Risks/Profits
Project cashflows must be bankable
Acceptable Project Return to attract Investors
mMerchant Bank Berhad
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vatisation: An Overview of the Malaysian Experience
ontact Us
nd FloormBank Group Building
Jalan Raja Chulan200 Kuala Lumpur
alaysia
el: 603 2038 2633ax: 603 2070 8596
MALINA [email protected]
OI SOO NAM
AmMerchant Bank Berhad
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vatisation: An Overview of the Malaysian Experience
Brief Profile (Contd)
The largest investment bank in Malaysia with
shareholders funds of USD0.8 bil 100% owned by listed parent, AMMB Holdings Berhad
Only investment bank to have four full-fledged regional
offices in Penang, Johor Bahru, Kuching and KotaKinabalu
Provide breath of investment banking services -
corporate finance and advisory services, treasuryservices, debt capital market, corporate lending, loansyndication and funds management and unit trusts
AmMerchant Bank Berhad
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vatisation: An Overview of the Malaysian Experience
Brief Profile (Contd) Privatisation Experience
Part of consortium of Advisors involved in thePrivatisation Masterplan study
Advisor to the listing of Telekom, one of the earliest
Flagship privatisation candidate Advisor to the 1st IPC listing on the KLSE
Advisors and Arrangers to numerous BOT-types ofprivatisation projects
Overview of PSP in Malaysia Appendix I
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List of Privatised Toll Highway/Expressway Projects
29 yrs & 9 mths1996KESAS35Shah Alam Expressway8
29 yrs & 1 mths1996ELITE48North-South Exprassway Central
Link
9
32 years1996KLBK16.8Kulim-Butterworth Highway7
26 yrs & 8 mths1991METRAMAC16.5Kuala Lumpur City Roads615 years1987KAMUNTING5.3Jln Kuching-Kln Kepong Toll Road5
24 yrs & 8 mths1985PBSB13.5Penang Bridge4
25 years1984SHAPADU15.3North Klang Straits Bypass3
38 years1984MTD PRIME60Kuala Lumpur-Karak Highway2
42 years1982-1984PLUS848North-South Expressway1
Concession
Period
Opening
Date
Operator
Body
Length
(km)
HighwayNo
Overview of PSP in Malaysia Appendix II
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vatisation: An Overview of the Malaysian Experience
List of Privatised Toll Highway/Expressway Projects (Contd)
35 years1997SPDH22.7Seremban-Port Dickson Highway10
33 yearsU.C.KASEH48.5Kajang-Seremban Highway18
30 yearsU.C.LLB18.9Butterworth Outer Ring Highway19
33 years2001SPRINT26Western Kuala Lumpur TrafficDispersal Scheme17
33 yrs & 6 mths2004NPE19.6New Pantai Highway16
33 years2001PROLINTAS7.4Ampang Elevated Highway15
33 years1999LITRAK40Damansara-Puchong Highway14
30 years1999GRANDSAGA11.7Cheras-Kajang Highway13
32 years1999BESRAYA16Sungai Besi Highway12
30 years1998LINKEDUA45.7Malaysia-Singapore SecondCrossing
11
Concession
Period
Opening
Date
Operator BodyLength
(km)
HighwayNo
Overview of PSP in Malaysia Appendix III
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vatisation: An Overview of the Malaysian Experience
Page 8
List of Privatised Toll Highway/Expressway Projects (Contd)
33 yearsU.C.SILK37Kajang Traffic Dispersal Ring Road20
33 yearsU.C.GCE22.65Guthrie Corridor Expressway25
28 yearsU.C.GOVT.338East Coast Expressway24
-CeasedSILEX70Ipoh-Lumut Expressway23
35 yearsU.C.LATAR31Assam Jawa-Taman Rimba Templer
Expressway
22
33 yearsU.C.KLTY42Kuala Lumpur-KLIA DedicatedHighway
21
Concession
Period
Opening
Date
Operator BodyLength
(km)
HighwayNo
Overview of PSP in Malaysia Appendix IV
IPPs in Malaysia
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vatisation: An Overview of the Malaysian Experience
120 MWPowertron resources Sdn Bhd
210 MWSarawak Power Generation Sdn Bhd
720 MWPanglima Power Sdn Bhd
440 MWPowertek Bhd
720 MWGenting Sanyen Power Sdn Bhd1,303 MWSegari Energy Ventures Sdn Bhd
330 MWPahlawan Power Sdn Bhd
650 MWTeknologi Tenaga Perlis Consortium Sdn Bhd
440 MWPort Dickson Power Bhd
Gas-Fired
640 MWGB3 Sdn Bhd
350 MWPrai Power Sdn Bhd
1,212 MWYTL Power Gneration Sdn Bhd
CapacityIPPs
IPPs in Malaysia
Overview of PSP in Malaysia Appendix V
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90 MWSejingkat Power Corporation Sdn Bhd
20 MWMusteq Hydro Sdn Bhd
Mini hydro
2,100 MWSKS Power Sdn Bhd
36 MWSerudong Power Sdn Bhd
50 MWARL Tenaga Sdn Bhd
Diesel-fuelled
Coal-fired
32 MWSandakan Power Corporation Sdn Bhd
60 MWStratavest Sdn Bhd
2,420 MWKapar Energy Ventures Sdn Bhd
CapacityIPPs
PPs in Malaysia (Contd)