Sime Darby received letter of intent from the Finance Ministry and the Economic Planning Unit of the Prime Minister's Department in November 2007 for Sime Darby to hold Majority stake in Sarawak Hidro Sdn Bhd (SHSD), being the owner of BAKUN DAM and Trans Co, the company that undertakes the high voltage direct current transmission link (HVDC) to supply elecrticity to Peninsular Malaysia and Sarawak. Ekran was formerly involved with this project and went bust. The rest is history. Now Sime Darby has decided to pull out too. The only party that has not woken up to the rude awakening is your guess.....More below.
Govt accepts Sime Darby's pullout in Bakun
KUALA LUMPUR (June 26, 2008): The government has accepted Sime Darby Bhd's decision to pull out of the Bakun hydroelectric project and is looking for another investor, said Finance Minister II Tan Sri Nor Mohamed Yakcop.
The project entails the construction of an underground sea cable (high voltage direct current transmission link) to supply electricity from Sarawak to Peninsular Malaysia.
"If Tenaga Nasional Bhd is interested to undertake the project, it can apply to the government and we will study (its application)," he told reporters in Parliament lobby.
Yesterday, Sime Darby announced that it had decided not to take up the equity interest in Sarawak Hidro Sdn Bhd.
Its president and group chief executive Datuk Seri Ahmad Zubir Murshid said the board was of the view that the project economics did not fit with its business status. "We will continue in our role as a contractor to complete the construction of the dam."Nor Mohamed said to date no one else have applied to take up equity stake in the project was not put on hold