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24 January 2006

FINANCIAL CLOSE ACHIEVED FOR THE SHUAIBAH PHASE 3 INDEPENDENT WATER AND POWER PROJECT IN THE KINGDOM

Khazanah Nasional Berhad (“Khazanah”) is pleased to announce that on 24 January 2006, Shuaibah Water and Electricity Company (“the Project Company”) has successfully achieved financial close for the Shuaibah Phase 3 Independent Water and Power Project (“the Project”).

The total project costs of USD2.5 billion is funded by a multi-tranche financing on a debt equity ratio of 80:20 comprising commercial facilities of USD875 million, Islamic financing of USD210 million, export credit financing of USD400 million from Hermes and USD455 million from Export-Import Bank of Korea (“K-Exim”) and balance from funds internally generated from the Project and equity bridge loan of approximately USD500 million. In addition, the financing also comprise USD72 million of standby commercial debt and USD18 million of standby equity bridge loan to cover any costs overruns.

The Project Company is 60% owned by the Saudi-Malaysia Water & Electricity Company Limited (“SAMAWEC”), a Saudi-Malaysia joint venture consortium, with the balance 40% interest in the Project Company to be held by Government of Saudi Arabia related entities. Khazanah through its wholly owned subsidiary, Desaru Investments (Cayman Island) Limited (“Desaru”) has a 12% effective equity interest in the Project Company.

Achieving the financial close marks another milestone for the Project which is the largest Greenfield IWPP project in the world. The project has been awarded PFI Power Deal of the Year for Europe Middle East and Africa.

Khazanah is positive on the long term prospect of the Project and the region. Khazanah will continue to look at future opportunities to participate in the Privatisation Program of the Government of KSA.



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