PKR lawmaker Rafizi Ramli will file a motion to set a ceiling price of RM8 billion for Tenaga Nasional Bhd's (TNB) acquisition of Edra Global Energy Bhd.

This is to prevent a possible bailout of 1MDB, which owns Edra.

"1MDB spent a total of RM12 billion to purchase 13 independent power producers (IPP) three years ago, although their total market value was RM8.7 billion,” Rafizi, the MP for Pandan, said today.

1MDB had paid a premium of RM3.3 billion to both Genting Sanyen and business tycoon Ananda Krishnan, he said.

"The assets have aged further, thus the market value will be less than RM8.7 billion," he said at the Parliament lobby today.

"As such, I propose that Parliament set a ceiling price for the deal.

"TNB should retract itself from the deal if 1MDB refuses to sell its energy assets at below RM8 billion," he said.

The motion will be filed next Tuesday and it is expected to be included in the parliamentary order paper, Rafizi said.

Due diligence

Concerns were raised if the government would bail out 1MDB by assisting 1MDB to sell off its assets to repay its RM42 billion debt.

TNB has submitted to Bursa Malaysia a conditional offer to acquire the power generation assets of Edra from 1MDB.

The conditional offer is subject to TNB finalising the confirmatory due diligence process as well as finalising and executing the share purchase agreement.