1Malaysia Development Bhd (1MDB) is nearing the sale of its power assets to a consortium including Qatar’s Nebras Power and China General Nuclear Power Holding Corp, sources told Reuters.
If the deal goes through it will help the scandal-afflicted Malaysian fund shed assets to pay back the b it owes in debt.
Sources had told Reuters previously that the deal could cost $4.2 b, including debt, with a deal that could be announced as early as Monday
According to Trade Arabia 1MDB is currently at the centre of a political and financial scandal that has also embroiled Prime Minister Najib Razak.
Regulations in Malaysia cap foreign ownership in power businesses at 49%, a factor that has so far discouraged foreign investors.
Previously state electricity utility, Tenaga Nasional Bhd, had put in a conditional offer.
CGN is China’s largest nuclear power operator while 1MDB, through power unit Edra Global Energy Bhd, is the largest independent power producer in Bangladesh and Egypt.
Nebras has not released any statements concerning its possible buyout plans.