TNB shares fall further on news of waste heat recovery power plant plan

PETALING JAYA: Tenaga Nasional Bhd's (TNB) share price continued to decline by 0.84% this morning, after announcing that the group and Cement Industries Malaysia Bhd's (CIMA) subsidiaries have entered into an agreement to produce power from waste heat.
At 10.20am, the stock stood at RM14.08 with 313,800 shares changing hands. TNB's market capitalisation stood at RM79.8 billion.
Yesterday, TNB said its unit TNB Repair And Maintenance Sdn Bhd (TNB Remaco) had signed a term sheet agreement with Negeri Sembilan Cement Industries Sdn Bhd (NSCI) to generate electricity from waste heat from NSCI's plants on a build, own, maintain and transfer basis.
Under the term sheet agreement, TNB Remaco will develop, design, construct, commission, operate, maintain and raise financing for the waste heat recovery power plant.
The project will have an estimated total value of RM200 million with a capability of reducing up to 9%–12% of NSCI's electricity cost.