SGCC Completes the Acquisition of SP's Australian Assets

SGID and Singapore Power Limited (SP) completed the equity settlement in Australia. Chinese Consul General in Melbourne Song Yumin, SGCC EVP Du Zhigang and SP CEO Wong Kim Yin attended the ceremony. SGCC signed an agreement with SP to buy 60% stake in SPIAA and 19.9% stake in SP AusNet, both of which are Singapore Power's Australian assets.

Both of the companies mainly operate in economically developed Australian states and territories including Victoria, Queensland, New South Wales and Australian Capital Territory. They have scaled assets and excellent assets. SPIAA runs power distribution, gas transmission and distribution, infrastructure services in Victoria, Queensland, and New South Wales with an asset of 8.943 billion Australian dollars. SP AusNet, a provider of similar energy services in the state of Victoria, has 49 percent of stakes owned by public shareholders. It is listed on both the Australian Securities Exchange and the Singapore Exchange.

Starting from April 2012, SGCC has been working on the acquisition of these two companies. The purchase agreement was signed on May 16, 2013 after a series of detailed and painstaking efforts, such due diligence, asset valuation, management interview and contract negotiation. The deal was approved by the Australian government on December 20.

This acquisition is another major overseas investment project after the successes in the Philippines, Brazil, Portugal and South Australia. It's the biggest investment project by far. Also, it's the first time for SGCC to invest in overseas electricity and gas distribution assets, complementing the company's overseas asset portfolio and its globalization layout. The acquisition can exert SGCC's technical and management advantages in large grid operation. By working closely with SP, SGCC can actively fulfill its shareholder responsibilities to ensure the safe and stable operation of acquired assets and promote the economic development in the service region.

Source: Department of International Cooperation, SGID

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