Temasek sells PowerSeraya for $2.5bn

Sabre Energy Industries, a wholly-owned subsidiary of YTL, will be purchasing 100 per cent of the company.

Sabre Energy will pay S$3.6bn ($2.4bn) in aggregate consideration and assume S$201m ($131.4m) of adjusted net debt of PowerSeraya as of 31 March 2008.

The transaction, which is expected to be completed in early 2009, is the third and final of Temasek's power generation assets to be sold under its divestment plan announced in July last year.

Gwendel Tung, director of investment, Temasek, said, 'After we stopped the tender process last week, YTL Power International put forward an unsolicited proposal which met our requirements. We are pleased with the successful outcome of the PowerSeraya divestment.

'YTL Power International is an established industry player with a strong track record in power investments, both in Malaysia and internationally. We are confident that their expertise and experience will add significant value to Singapore's electricity market and PowerSeraya in particular.'

Temasek is an Asia-focused investment firm with a S$185bn ($121bn) portfolio of blue-chip companies and investments, as of 31 March 2008.

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