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SINGAPORE : Singapore investment company Temasek Holdings has sold its Tuas Power business to China's Huaneng Group for S$4.2 billion.
This is the first of three power generating companies that Temasek is looking to divest.
Temasek is also planning to sell the remaining two companies - Power Seraya and Senoko - by the first half of 2009.
Temasek said in a statement it has signed a share purchase agreement with SinoSing Power Pte Ltd, a wholly owned subsidiary of China Huaneng Group, for the purchase of Tuas Power Ltd.
The sale of Tuas Power comes after a bidding process which started last October.
In a statement, Temasek said Huaneng is an established player with a strong track record in the power business.
Temasek said the proposal through SinoSing was the most attractive and was selected based on price and acceptable commercial terms.
Huaneng Group is the parent of Hong Kong-listed Huaneng Power.
Vice President of China Huaneng, Huang Long, said the transaction represents a major step for the company in its goal to diversify its assets across geographies and technologies. - CNA/ch
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