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28 September 2005

KHAZANAH SIGNS SHAREHOLDERS’ AGREEMENT IN RELATION TO THE SHOIBA PHASE 3 INDEPENDENT WATER AND POWER PROJECT IN THE KINGDOM OF SAUDI ARABIA

Khazanah Nasional Berhad (“Khazanah”) is pleased to announce that on 28 September 2005, Khazanah and its wholly owned subsidiary, Desaru Investments (Cayman Island) Limited (“Desaru”) had entred into a Shareholders’ Agreement to regulate the relationship and respective rights and obligations as direct and indirect shareholders of Malaysian Shoaiba Consortium Sdn. Bhd. (“MSCSB”) with the following parties:

  • Tenaga Nasional Berhad (“TNB”), and its wholly owned subsidiary Independent Power International (Mauritius) ltd (“IPIL”)
  • Malakoff Berhad (“Malakoff”) and its wholly owned subsidiary Malakoff Gulf Limited (“MGL”); and
  • MSCSB

TNB, Malakoff and Arabian Company for Water and Power Projects Limited (“ACWA”) (“the Consortium”) had submitted a bid in respect of a 60% interest in the Shoaiba Phase 3 Independent Water and Power Porject in the Kingdom of Saudi Arabia, (“KSA”) (the “Project”). Khazanah will join TNB and Malakoff (“Malaysian Consortium”) as part of the Malaysian Consortium to invest in the Project.

The Consortium’s proposed investment int he Project will be undertaken by a limited liability company to be incorporated in KSA (“the Bidder Company”). The Bidder Co will hold 60% interest in a company to be established to undertake the Project (“Project Company”). The balance 40% interest in the Project Company will be held by Government of KSA related entities, namely the Public Investment Fund (“PIF”), 32% and the Saudi Electricity Company (“SEC”), 8%.

MSCSB has been established on 26 August 2005 for the purpose of representing the Malaysian Consortium’s interests in the Bidder Company. MSCSB has been structured as a joint venture with each Khazanah and MB holding 40% interest respectively and TNB the balance 20% interest.

Khazanah believes that the proposed investment in the Project represents an attractive co-investment opportunity with leading Malaysian companies abroad. The Project will place the Malaysian consortium in a strategic position to participate in the Privatisation Program of the Government of KSA and provides an excellent platform to expand into Middle East market.



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