Rahman Dahlan slams Rafizi's call to boycott Edra

PETALING JAYA: Calls for Malaysian funds to boycott the proposed listing of Edra Energy on Bursa Malaysia is out of line, says Minister in the Prime Minister's Department Datuk Seri Abdul Rahman Dahlan.
In a statement today he said Pandan MP Rafizi Ramli's "silly calls for boycotts" should stop and professional fund managers should be trusted to do their jobs.
He urged Rafizi retract his call for such a senseless boycott that only undermines foreign investor confidence in Malaysia or may cause Edra and other companies to abandon listing on Bursa Malaysia in favour of stock exchanges in other countries.
"Through Edra Energy, 1MDB had fulfilled its goal to help reform the Independent Power Plant (IPP) industry which the opposition previously said had many lop-sided agreements in favour of the concession companies," he said.
He alleged that those agreements cited by the opposition were signed during the reign of a former prime minister who is now with the opposition.
"After 1MDB had entered the IPP business, the government then called for the first ever open tender on Power Purchase Agreements (PPA) in September 2012. 1MDB consistently put in the lowest bid for every new or renewal PPA thus helping to push down the PPA price of all other bidders," he added.
The minister said savings arising from the fairer PPA rates to Tenaga Nasional Berhad and Petronas gas subsidies and by extension, to the government is estimated to be as much as RM200 billion for over the next 20 years period.
"These huge savings are now spent back on projects and welfare that benefits the people while still keeping electricity prices low for everyone."