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