Tadmax shares fall despite assurance that power plant is ahead of schedule

PETALING JAYA: Tadmax Resources Bhd’s share price fell 2.63% this morning despite assurance that the participation of Korea Electric Power Corp (Kepco) will not cause any delay at its Pulau Indah power plant.
At 10.51am, its share price fell 2.63% or 1 sen to 37 sen with a total of 1.56 million shares traded. The stock closed 4.11% higher at 38 sen yesterday with 16.12 million shares traded.
Yesterday, the company told a press briefing that its 1,000-1,200MW combined cycle gas-fired power plant in Pulau Indah will not experience a delay with the participation of Kepco, but is ahead of schedule and fast-tracked to meet its commercial operation date on Jan 1, 2023.
Tadmax executive director Datuk Noel John said it is more than halfway through its negotiations with the Single Buyer Department, a government entity that prepares power purchase agreements on behalf of Tenaga Nasional Bhd (TNB), Petronas Gas Bhd for the gas supply as well as transmission works agreement with TNB Transmission. It has also engaged with banks for financing.