Negative surprise. We are surprised with this development given that there is no pre-emptive from the Company; this is something they been practiced very well in the past. Given the planned resignation of its CEO, Dato Sri' Che Mohd. Khalib in June 2012, there will be a fresh set of top management at Tenaga Nasional. We await further clarifications. 2QFY12 results release is just around the corner (12 April), of which we believe the results will be exceptionally good. Maintain Buy.

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Source: Maybank Research - 6 April 2012