Malaysian takes 60% of Bakun dam

Malaysian takes 60% of Bakun dam

KUALA LUMPUR: Malaysia's Sarawak state government has
confirmed that tycoon Syed Mokhtar Albukhary acquired a 60
percent stake in the 9 billion ringgit (US$2.4 billion) Bakun
hydroelectric dam project in the east Malaysian state on Borneo
island, a report said on Wednesday.

Syed Mokhtar purchased the 60 percent stake in Sarawak Hidro
Sdn Bhd, the main operator of the Bakun project, on Aug. 30 via
his privately-owned company GIIG Capital for 945.42 million
ringgit, Sarawak's Deputy Chief Minister George Chan was quoted
as saying by the Malay-language Utusan Malaysia.

Syed Mokhtar also controls several key companies, including
the Port of Tanjung Pelepas, and has interests in mines, hotels
and oil palm plantations.

The federal government, through the Minister of Finance Inc,
controls the remaining 40 percent equity interest in the Bakun
project following the 60 percent stake sale to Syed Mokhtar, the
report said.

The controversial dam project which involves flooding an area
the size of Singapore was revived in 2001 after being shelved
during the 1997/98 Asian financial crisis. -- AFP