Tan Kong Han

"One party seems to be a lot keener than the rest," Tanjong Chief Operating Officer Tan Kong Han told reporters at a media briefing following the company's annual shareholders' meeting.He declined to identify the party.

The prospective buyer is conducting due diligence on Tanjong's unprofitable LPG unit and will give Tanjong its decision in September, he added.

Tanjong group chief operating officer Tan Kong Han said 270 entries were received for this year's competition.

He said it was the company's hope that the event would help nurture artistic skills and instil a sense of pride for local heritage.

"We also continue to see new and improved artistic talents over the years," said Tan during the prize presentation ceremony held at the Malaysian Tourism Centre, Kuala Lumpur, recently.

Tan Kong Han, Tanjong plc's group chief operating officer, in an earlier interview in the company's Kuala Lumpur headquarters, said: "Tropical Islands will be an adventure; we want to make sure it does not end up being a themed resort where you get bored to death."
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Items on the menu will include Vietnamese sugar-cane prawns, satay, otak-otak, and "anything else that goes well with beer," said Tan with a laugh, referring to the Germans' favourite thirst-quencher.

"The power plants, which are already operating, should contribute a third to the power division's earnings," Tanjong's chief operating officer Tan Kong Han said.

The power division accounts for about 60 pct of Tanjong's earnings and currently almost all its earnings from that division are from domestic operations.

Tanjong is buying EDF International SA's (EDFI) power generation assets in Egypt through unit Kuasa Nusajaya (L) Ltd for 307 mln usd.They consist of two power-generating companies -- EDF Suez Gulf Power SAE (Suez Gulf) and EDF Port Said East Power SAE (Port Said) -- as well as a common operating company for both, EDF Egyptian Operating Co SAE (EEOC).

Tan said the acquisition is also positive as the plants are governed by 20-year power purchase agreements, which commenced in 2003, with state-owned Egyptian Electricity Holding Co (EEHC) as the sole off-taker and EEHC payments guaranteed by the Central Bank of Egypt.

The Egyptian plants have a total combined capacity of approximately 1,366 megawatts (MW), which is close to Tanjong's current power capacity of 1,490 MW.

Tan said the company will finance the acquisition through internally-generated funds and 150 mln usd in borrowings.

He said although proforma borrowings will rise to 3.55 bln rgt after the acquisition from 1.84 bln currently, it will not be a major concern for Tanjong as the bulk of the borrowings is non-recourse and will accrue to the Eygtian unit.

"The paintings displayed here are a great combination of art and heritage - a delightful depiction of our legacies and culture," said its group chief operating officer Tan Kong Han at the restaurant in Kuala Lumpur.

"When we started in 2001, our objective was to create a platform where we could identify and introduce our young, talented artists and also to recognise their artistic skills," said Tan.

Tan Kong Han
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He joined the Group in 2003 as the Group Chief Operating Officer.He has more than 13 years working experience in investment banking.

He read economics and law at Cambridge, graduated with a Bachelor of Arts degree in 1988 and was called to the English Bar (Lincoln's Inn) in 1989 and the Malaysian Bar in 1990.

Sumitomo Mitsui Financial Group Inc and BNP, the joint lead arrangers, will probably find other banks to share the financing, Tanjong Group chief operating officer Tan Kong Han told Reuters in an interview, although he declined to give more details of the transaction.

Its group chief operating officer Tan Kong Han said the group was looking at countries in the Middle East due to their huge oil reserves and good credit standing.

"We want to look for meaningful projects that generate good recurring cash flow," he told reporters after Tanjong's AGM in Kuala Lumpur on June 30.
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On another matter, Tan said a potential buyer had expressed strong interest to purchase its China-based liquefied petroleum gas (LPG) business.

The buyer was currently conducting due diligence on the business and would make a decision in September, he said.

Tanjong's investment in the business had been written off, and sale of the business would result in writebacks for the group, said Tan.