KUALA LUMPUR, Sept 8 (Bernama) -- Bursa Malaysia closed almost flat on Tuesday as buying interest rotated away from index heavyweights towards smaller-cap construction stocks, with sentiment affected by geopolitical uncertainty, said an analyst. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) eased 0.39 of a point to 1,714.40 from Monday’s close of 1,714.79. The benchmark index opened 1.65 points lower at 1,713.14 and moved between 1,710.44 and 1,714.50 throughout the trading session. The broader market was almost evenly balanced, with decliners leading gainers 548 to 546, while 598 counters were unchanged, 1,107 were untraded and 25 were suspended. Turnover expanded to 4.13 billion units valued at RM3.14 billion from 3.60 billion units valued at RM2.45 billion on Monday.
Petroliam Nasional Bhd (Petronas) is contemplating the sale of a minority stake in its renewable energy subsidiary Gentari Sdn Bhd, as part of a strategy to expand the business, according to insiders familiar with the matter.
The state-owned energy giant has enlisted an adviser and has garnered interest from infrastructure funds and industry peers, according to these sources, who requested anonymity due to the private nature of the discussions.
The potential stake sale could be valued between US$300 million (RM1.30 billion) and US$500 million, though the sources emphasized that the process is still in its early stages. The final size of the sale and Gentari’s valuation remain under discussion, and Petronas may ultimately decide against selling, they added. Petronas has not yet commented on the matter.
Founded in 2022, Gentari was established to drive Petronas' efforts in delivering renewable energy, hydrogen, and green mobility solutions. The unit has set ambitious goals for 2030, including achieving 30 to 40 gigawatts (GW) of renewable energy capacity, advancing hydrogen projects, and supporting the adoption of electric vehicles (EVs).
As of mid-2024, Gentari reported a cumulative renewable energy capacity of 3.6 GW, with 2.4 GW already installed. The potential sale of a minority stake could provide Gentari with additional capital to accelerate its growth and pursue its long-term goals in the renewable energy sector.
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