The much-heralded debate between former premier Najib Abdul Razak and opposition leader Anwar Ibrahim has been set for May 12.

At a joint press conference today, PKR information chief Fahmi Fadzil and Najib’s representative Isham Jalil confirmed that the debate will take place at the Universiti Malaya's Dewan Tunku Chancellor at 9pm.

They announced that the debate would feature three main segments - a debate on the financially-troubled Sapura Energy Berhad, other current affairs involving Malaysia, and a question and answer session.

Najib Abdul Razak’s representative Isham Jalil

"In the second segment, we will let the two leaders air their views on other related matters, while in the third segment we can take questions, including from netizens online," Isham explained.

30 minutes for each segment

Each segment, which will be aired live across several platforms, is estimated to run for 30 minutes with an additional 30 minutes allocated as buffer time.

There will also be a live audience to be invited from among Anwar and Najib's supporters, as well as the ordinary public.

Isham also said all media outlets will be allowed to attend and cover the debate, while an announcement will be made soon on the official media partners.

Asked whether the debate is an indication of the two leaders' plans in facing the upcoming 15th general election, Isham said: "This is not a new alignment. Even for us to agree on the three debate segments, that itself can be another debate on its own.

"Our cooperation is only to organise this debate. Not a political cooperation."

PKR information chief Fahmi Fadzil

At the same time, both Isham and Fahmi noted how the debate is a sign of political maturity that should be embraced by Malaysians.

"The debate should inspire confidence in Malaysians, that for us to live in harmony, sometimes we must set aside our differences.

"We can forgive but maybe not forget, and we must move forward. How? We must see who has the better idea, more rational, and better at presenting their visions," said Fahmi.

Najib had first challenged Anwar to a debate on Sapura Energy, in response to a similar challenge from PKR's Rafizi Ramli.

The Pekan MP had offered to take on either both of them or with Rafizi acting as Anwar's adviser.

Anwar accepted the challenge, and the joint press conference today came after a series of back-and-forth jibes between the leaders and their teams.