TNB

Proceeds from the offering will be used to grow TNB Genco's renewable energy portfolio, they added.

TNB Genco started operation in October 2020 and owns 10 thermal power plants, three hydroelectric schemes, two large solar farms and one port in Malaysia, according to its website.

Tenaga, which counts Malaysian sovereign wealth fund Khazanah Nasional Bhd as its biggest shareholder, said the company had been exploring various initiatives to boost shareholder value, including a potential listing of TNB Genco.

TNB Genco's IPO plan comes as Malaysia's economy grew at its fastest annual pace in the second quarter, boosted by expansion in domestic demand and resilient exports.

Tenaga has aimed at turning TNB Genco into a greener power generator as part of its ambition to grab a bigger share of the clean energy market, its president and CEO, Baharin Din, said in a statement on Aug. 2.