Gas Malaysia subsidiary gets 10-year licence to import LNG

KUALA LUMPUR (March 18): Malaysia’s Energy Commission has granted Gas Malaysia Bhd’s  wholly-owned subsidiary Gas Malaysia Energy and Services Sdn Bhd (GMES) a 10-year licence to import liquefied natural gas (LNG) for regasification in the country.

In a statement to Bursa Malaysia today, Gas Malaysia said the licence allows GMES to import the LNG into Malaysia by any means other than by transshipment.

"The licence has been granted under the Gas Supply Act 1993 [Act 501] (as amended by the Gas Supply (Amendment) Act 2016) and will take effect commencing 17 March 2020 and shall be valid for a period of 10 years.

"The issuance of the licence will have no material effect on the earnings and financial position of Gas Malaysia Group for the financial year ending 31 December 2020,” Gas Malaysia said.

At 5pm today, Gas Malaysia’s share price closed up one sen or 0.39% at RM2.56, valuing the  company at RM3.29 billion.

The stock saw some two million shares traded.