The report out of Singapore, citing sources, said the initial public offering (IPO) of TNB Power Generation Sdn Bhd (TNB Genco) could be valued at about US$4 billion (RM17.7 billion), making it Malaysia’s largest listing in a decade.

The sources, who declined to be named because of the confidential nature of the matter, said the proceeds from the IPO would be used to grow TNB Genco’s renewable energy portfolio.

Tenaga, whose biggest shareholder is Khazanah Nasional Bhd, said the company had been “exploring various initiatives to boost shareholder value”, including a potential listing of TNB Genco.

In response to a Reuters request for comment, the company said it had not made a “definitive decision in relation to these potential initiatives”. Instead, it said, it is currently focused on improving operational performance.