Tenaga Nasional Berhad (TNB) is once again hopping into the 1MDB minefield after it announced today that it had submitted an indicative non-binding proposal to acquire 13 power plants from 1MDB-owned Edra Global Energy Berhad.

The targeted assets include five domestic and eight international power plants.

However, TNB, which in May saw its stock price suffer from speculation that it may acquire the power assets from the cash-strapped 1MDB, stressed that nothing was final.

"TNB would like to emphasise that it remains in the initial stages of its assessment of Edra's power assets.

"Therefore, there can be no assurance that any transaction will be concluded," it said in an announcement to Bursa Malaysia Berhad.

TNB's share price took a downtrend from RM14.30 after rumours first surfaced on May 16 that it was eyeing Edra's power assets.

The share price stayed under RM13.50 before taking another beating, falling to a low of RM12.60 when TNB announced it was in the midst of taking over Project 3B from 1MDB on June 18.

Share price expected to suffer again

The Project 3B deal had since been finalised and TNB's share closed at RM12.66 today.

However, the share price is expected to suffer again when markets open tomorrow, more so as Edra is more controversial than Project 3B.

Edra has been plagued by controversy as it was said to have purchased its power assets at inflated prices.

1MDB also aborted plans to list Edra on the open market after repeated delays due to weak investors' sentiment.

Meanwhile, 1MDB in a statement today welcomed the indicative non-binding proposal by TNB.

"1MDB has also received indicative, non-binding offers from other local and international parties in relation to our power assets as part of the process to monetise our investment in Edra.

"Our board of directors will review the various proposals received in due course, following which select parties will be invited by 1MDB’s financial advisor to conduct further due diligence on Edra, culminating in the submission of binding offers for our board’s consideration," it said.