August 13, 2012. Malaysian state development firm 1Malaysia Development Bhd (1MDB) has agreed to buy conglomerate Genting Bhd's power and utility unit for 2.3 billion ringgit ($738.01 million) in cash, Genting said, as 1MDB adds to its power holdings. 1MDB had identified power as a core business and was buying assets from Genting as it aimed to ensure Malaysian security of supply. The purchase of the unit, Mastika Lagenda, would be the second major utility deal for the state company, which in March acquired the power assets of Malaysia's second richest man, Ananda Krishnan, for 8.5 billion ringgit. The deal, which is expected to be completed on Aug 30, 2012, will also enable its power division to focus time and resources on developing its power generation portfolio abroad. Genting said it expected to record a one-off net gain of 1.9 billion ringgit from the proposed disposals, contributing to an increase of 52 sen to its consolidated earnings per share and net asset per share for the current financial year ending Dec 31, 2012. Asia Trade Investments Ltd, which owns the remaining 2.3 percent stake in Mastika Lagenda, will also sell its entire stake to 1MBD for 49.6 million ringgit, according to Genting.