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Malaysia's state electricity utility Tenaga Nasional Bhd (TNB) said it is in the early stages of setting up a long-term, multi-currency Islamic bond or sukuk issuance plan.

The plan is part of its on-going process of exploring funding options for the future, Tenaga said in a statement.

The statement came following a news report that Tenaga is planning a $3 billion global sukuk to fund overseas investments.

Tenaga said in December it had bought a 30 percent stake in Turkish power and water infrastructure development company GAMA Enerji A.S. for $243 million.

 

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