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Tenaga shares hit 3-year low

National utility firm Tenaga Nasional Bhd suffered a drop in its share price to its lowest since October 9, 2015 after sovereign wealth fund Khazanah Nasional Berhad sold 85 million of its shares at the low end of its indicative range, reports The Edge Markets.

Tenaga shares are trading at RM12.20 at 11.35am in Kuala Lumpur, marking a second day of losses for the company.

The recent drop in global coal and gas prices will not likely affect the electricity tariff in Malaysia as they are still higher than the base prices set during the three-year revision last year, said Tenaga Nasional Bhd (TNB).

Chairman Leo Moggie said the current coal and gas prices of about US$90 per tonne and RM28 per MMBtu are higher than the US$75 per tonne and RM27.20 per MMBtu during the revision.

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