In the Business Times today, Anna Maria Samsudin reported that Tenaga has reached an agreement to sell all its shares in the Indonesian business for just US$19.5 million [story here]. Tenaga is said to have invested over RM200 million.
Tenaga Nasional probably did not have any other options but to quit but it is an expensive lesson the GLC had to learn. But for a man sitting on billions of ringgit, Che Khalib is unlikely to be too perturbed. As he said in the interview with Bernama:
In giving a comparison of the Indonesian coal mining investment, he said TNB's turnover for 2005/2006 financial year 2005/2006 was RM20 billion while coal mining venture only cost RM200 million.
"It is not worth cracking and banging our heads against the wall (over this matter)," he added.