SINGAPORE, Dec. 2 (Chinese media) -- Singapore's state investment firm Temasek
Holdings said on Tuesday it has sold its wholly-owned electricity generator
PowerSeraya to a subsidiary of Malaysia's leading power firm YTL Power
International Bhd at an enterprise value of 3.8 billion Singapore dollars (2.48
billion U.S. dollars).
In a statement, Temasek said that the wholly-owned subsidiary of YT - Sabre
Energy- will pay 3.6 billion Singapore dollars and assume 201 million Singapore
dollars of adjusted net debt of PowerSeraya as at March 31. The transaction is
expected to be completed in early 2009.
Temasek put off the sale of PowerSeraya last week due to poor market
conditions. Temasek had launched the tender process in October based on
indications of interest from investors.
"After we stopped the tender process last week, YTL Power put forward an
unsolicited proposal which met our requirements. We are pleased with the
successful outcome of the PowerSeraya divestment," the investment firm said in
the statement.
PowerSeraya is the third and final of Temasek's power generation companies
to be sold under its divestment plan announced in July 2007.
It has sold Tuas Power to China's Huaneng Group for 4.2 billion Singapore
dollars in March, then in October it sold Senoko Power, the city-state's biggest
generator, to a consortium led by Japanese Marubeni Corporation for 3.65 billion
Singapore dollars.
PowerSeraya generates about 28 percent of Singapore's electricity. For the
year ended March 31, PowerSeraya had revenues of 2.79 billion Singapore dollars
and earnings before interest, tax depreciation and amortization of 355 million
Singapore dollars.
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