Japan-led consortium to buy Temasek power firm: sources
September 05, 2008
A Japanese-led consortium has won the bid for a Singapore power company being sold by state-linked investment firm Temasek Holdings, sources told Dow Jones Newswires Friday.
Japan's Marubeni Corp heads the consortium and will pay Temasek about 2.5 billion US dollars for Senoko Power, they added.
"Marubeni is the winner," one said. Neither Temasek nor Marubeni spokesmen could be immediately reached for comment by AFP.
Marubeni operates in Japan and globally across a wide range of sectors from food to power.
Senoko is the second of three local power generation firms Temasek is unloading as part of efforts to liberalise the domestic energy market.
Temasek said in March that it had signed a share purchase agreement with SinoSing Power Pte Ltd, a wholly owned subsidiary of China Huaneng Group, to sell Tuas Power Ltd for 4.235 billion Singapore dollars (2.96 billion US).
Temasek's third power generator is Power Seraya.
Last month Temasek reported a record profit of 18.2 billion Singapore dollars for the year to March, and said its portfolio rose in value to 185 billion Singapore dollars.
Temasek has controlling stakes in Singapore Airlines, Neptune Orient Lines and Singapore Telecommunications as well as other major regional firms.
It is one of two Singapore government investment vehicles, along with the Government of Singapore Investment Corporation.
Temasek has invested billions of dollars in troubled US investment bank Merrill Lynch since late last year.