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September 6, 2008

Singapore’s Temasek sells off power firm
A Japanese-led consortium has won the bid for Singapore's largest power generation company being sold by state-linked investment firm Temasek Holdings, AFP quoted Temasek as saying Friday.

The deal is worth S$3.65 billion ($2.5 billion) in cash, it said.

Temasek signed a share purchase agreement with Lion Power Holdings Pte Ltd, owned by a consortium comprised of Japan's Marubeni Corp and other firms, for 100 percent sale of Temasek's wholly-owned power firm Senoko Power, a news release said.

Marubeni operates in Japan and globally across a wide range of sectors from food to power.

Lion Power will also assume 323 million Singapore dollars worth of Senoko Power's net debt as of March 31, bringing the total value of the deal to about four billion dollars, Temasek said.

The transaction is expected to be completed by next Friday.

"The Lion Power consortium partners are all established industry players with strong track records in power investments globally," said Gwendel Tung, Temasek's director of investment.

Also part of the consortium are GDF SUEZ S.A, The Kansai Electric Power Co. Inc, Kyushu Electric Power Co. Inc. and Japan Bank for International Cooperation, Temasek said.

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 S$4.235 billion ($2.96 billion).

Temasek's third power generator is Power Seraya.

Last month Temasek reported a record profit of S$18.2 billion for the year to March, and said its portfolio rose in value to S$185 billion.

Temasek has controlling stakes in major regional firms and has invested billions of dollars in troubled US investment bank Merrill Lynch since late last year.

It is one of two Singapore government investment vehicles, along with the Government of Singapore Investment Corporation.

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