KUCHING: Sarawak is set to acquire the entire equity interest of Sarawak Hidro Sdn Bhd, the owner and operator of the Bakun Hydroelectric Dam, from the Federal government, at a cost of RM2.5 billion.
Sarawak Chief Minister Datuk Abang Johari Abang Openg said the acquisition will be made by the state's wholly-owned company, Sarawak Energy Berhad (SEB), a vertically-integrated utility and energy development company.
"An agreement has been reached in principle that the ownership and operation of the Bakun dam will be fully returned to Sarawak through the acquisition of shares in Sarawak Hidro.
“Such a move will enable us to have full ownership of all electricity generation facilities in Sarawak," he said.
Speaking at a press conference at Wisma Bapa here, Abang Johari said the major concession by Putrajaya shows that Prime Minister Datuk Seri Najib Razak is concerned about the interest of Sarawak.
"We have to thank the prime minister for this," he said.
SEB and Finance Ministry officials are finalising details and will soon sign the Share Sale Agreement, said the chief minister.