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Temasek to sell three power generating companies

Wednesday, 20 June 2007


SINGAPORE, June 19 (AFP): Singapore's state-linked investment firm Temasek Holdings said today it plans to sell all three power generating companies under its stable in the next 12 to 18 months.
Wong Kim Yin, Temasek managing director of investments, said the decision to divest its interest from PowerSeraya, Senoko Power and Tuas Power is part of efforts to liberalise the affluent city-state's electricity market.
No value was given for the companies, but Wong said in a statement there has been "a lot of interest from potential buyers since last year."
Temasek expects the divestment process to start in the second half of this year and be completed by end 2008 or early 2009.
Wong said the three companies have been organised to operate independently under a competitive environment after liberalisation, and with the regulatory framework in place, it was now time for Temasek to divest.
"These developments have set the stage for a competitive yet stable, power generation market to operate in Singapore. Hence, it is timely for us to divest the gencos (generation companies) as the next step towards the liberalisation of the electricity market," Wong said.