Tanjong on its website announced on Monday that its subsidiary, Pendekar Energy Ltd, has entered into a conditional share purchase agreement with CDC Globeleq Monday for the acquisition of Globeleq's seven power plant assets located in Egypt, Bangladesh, Pakistan and Sri Lanka with a total installed capacity of 1,434MW for a total purchase consideration of USD493 million.

Tanjong holds 55 percent shares of Pendekar Energy and Saudi company Aljomaih Automotive Co owns the remaining.

CDC Globeleq purchased the Haripur and Meghnaghat plants from US company AES and acquired the NEPC barge-mount power plant in 2003.

The Tanjong website says the company aims at a growth based on power generation and the deal will establish its presence in Bangladesh subject to government approval.

The completion of the proposed acquisition has been targeted for the third quarter of 2007.