Saturday, March 22, 2008

Divestment of Tuas Power (14 Mar 08)

Temasek Holdings (“Temasek”) today announced the signing of a Share Purchase Agreement with SinoSing Power Pte Ltd (“SinoSing”), a wholly-owned subsidiary of China Huaneng Group (“China Huaneng”), a leading power company based in the People's Republic of China, for the 100% sale of Temasek’s wholly-owned Tuas Power Ltd (“Tuas Power”) for a cash consideration of S$4.235 billion. The transaction is expected to be completed by 24 March 2008.

The sale of Tuas Power, one of the three major power generation companies in Singapore, marks the completion of a competitive and rigorous bidding process which began in October last year when Temasek announced its plan to divest Tuas Power. This is also the first of Temasek’s three power generation companies to be sold under its long-stated plan to divest all of its wholly-owned power generation companies in Singapore.

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