Investment arm of Government of Singapore,Temasek Holdings has shortlisted Tata Power (TPC) to bid for the city state’s power generating company, Senoko Power.The successful bidder may need to fork out $3 billion to bag Senoko.Tata Power will have to compete with global giants like Japan’s Marubeni and Mitsubishi, France’s GDF Suez, Malaysia’s YTL Power and the OneEnergy-CLP Holdings combine
The sale of Senoko will involve a two-stage process with interested companies initially submitting a non-binding expression of interest. Later, the shortlisted companies will be allowed to conduct due diligence before making their binding offers.
In the last financial year, Senoko Power generated revenues of $2.5 billion and an operating profit of $245 million. Credit Suisse and Morgan Stanley are advising Temasek on the sale of all the three power generating companies.
Read more in The Economic Times artcile.
Showing posts with label Government of Singapore Investment Corporation. Show all posts
Showing posts with label Government of Singapore Investment Corporation. Show all posts
Wednesday, August 6, 2008
Monday, March 17, 2008
Chinese firm pips REL, GMR to buy Tuas Power for $3 bn
China’s largest power generator China Huaneng has outbid India’s Reliance Energy (REL) and GMR Group by placing the highest bid of $3.1 billion for a power firm put on block by Singapore’s investment arm Temasek Holdings.REL and GMR Group were the two Indian bidders for Tuas Power, one of the three power generating companies being privatised by the Singapore government.
Besides, REL and GMR, three international firms, including China Light and Power and HongKong Electric, were also believed to have been in the race to acquire Tuas Power.
Temasek Holdings has signed a share purchase agreement with SinoSing Power Pte Ltd, a wholly-owned subsidiary of China Huaneng, for the 100 per cent sale of Temasek’s wholly-owned Tuas Power Ltd for a cash consideration of 4.235 billion Singapore dollars, an official statement said.
Read more in The Business Standard article.
Besides, REL and GMR, three international firms, including China Light and Power and HongKong Electric, were also believed to have been in the race to acquire Tuas Power.
Temasek Holdings has signed a share purchase agreement with SinoSing Power Pte Ltd, a wholly-owned subsidiary of China Huaneng, for the 100 per cent sale of Temasek’s wholly-owned Tuas Power Ltd for a cash consideration of 4.235 billion Singapore dollars, an official statement said.
Read more in The Business Standard article.
Tuesday, September 4, 2007
Quipo to raise $100m from PE funds
Infrastructure services company Quipo, part of the Srei Group, is out to raise around $100 million from private equity funds by early next year. A bulk of this would be used for financing telecom tower business, even as the company plans foray into the development of airport infrastructure.
IDFC PE and GIC Singapore had picked up around 30% stake in the company early this year for around Rs 150 crore. Srei Infrastructure Finance has 15% stake in the company. Quipo Infrastructure Equipment is in the business of leasing and renting out infrastructure equipment to construction, oil and gas and telecom industries.
Currently, around 75% of Quipo’s revenue comes from the construction business. However, over the next couple of years, the bulk of the company’s revenues—around 60%—would come from the telecom tower business and the contribution of the construction business would come down to around 30%. Plans also include venturing into the construction market in the Middle East through a subsidiary company. Quipo already has exposure in oil and energy markets in Russia where it supplies oil rigs and other equipment.
Read more in The Economic Times article
Friday, June 22, 2007
Singapore’s Temasek, GIC set to raise stakes in ICICI Bank
Temasek Holdings and the Government of Singapore Investment Corp. (GIC), two investment arms of Singapore, have made aggressive bids for the ICICI Bank Ltd’s public issue that was subscribed 5.18 times on the third day.
The per-share pricing of the issue is expected on Friday after it closes.
Temasek, through its investment arm, Allamanda Investments, already has a 7.34% stake in the bank, while GIC has a 2.24% stake.Temasek and GIC’s combined stake will go well beyond 10% after the issue.
Under the Indian banking law, no single entity is allowed to hold more than 10% stake in a bank. Until recently, the Indian central bank was treating Temasek and GIC as one entity as both of them are Singapore government’s arms and did not allow them to hold more than 10% in the bank, jointly.
For the domestic part of ICICI Bank’s issue, the qualified institutional buyers subscribed 10.38 times on Thursday, but the retail portion was subscribed only 10.27%.Retail investors trickled in on the third day of the issue, putting in bids for 3.37 crore shares against 32.8 crore reserved for them.
Read more in The Livemint article.
The per-share pricing of the issue is expected on Friday after it closes.
Temasek, through its investment arm, Allamanda Investments, already has a 7.34% stake in the bank, while GIC has a 2.24% stake.Temasek and GIC’s combined stake will go well beyond 10% after the issue.
Under the Indian banking law, no single entity is allowed to hold more than 10% stake in a bank. Until recently, the Indian central bank was treating Temasek and GIC as one entity as both of them are Singapore government’s arms and did not allow them to hold more than 10% in the bank, jointly.
For the domestic part of ICICI Bank’s issue, the qualified institutional buyers subscribed 10.38 times on Thursday, but the retail portion was subscribed only 10.27%.Retail investors trickled in on the third day of the issue, putting in bids for 3.37 crore shares against 32.8 crore reserved for them.
Read more in The Livemint article.
Wednesday, June 20, 2007
Temasek, Singapore GIC eye 40% of ICICI Bank public issue
Temasek and Government of Singapore Investment Corporation (GIC) are looking at cornering a little less than 40% of the fresh public issue of ICICI Bank. This would involve an investment of around Rs 8,000 crore. Temasek has already put in an application of Rs 8,300 crore — the maximum possible — on Tuesday when the issue opened for subscription.
Though retail investors are yet to step in, the issue was oversubscribed 2.7 times on the first day, thanks to demand from institutional investors.
The Singapore government arms may face some competition from government-owned institutions in the Middle East. State-owned entities from Dubai, Abu Dhabi, Kuwait and Qatar are also said to looking at subscribing to the issue.
The RBI has allowed the two Singapore government arms to pick up 10% stake each in the country’s largest private sector bank. Incidentally, four Middle East government-led institutions are also said to be looking at subscribing to a significant portion in the $5-billion issue, half of which would be raised from the local market.
Other overseas institutional investors who may subscribe include Capital International, T Rowe Price, Legatum Capital and Aberdeen. Temasek and GIC together hold 9.61% stake in ICICI Bank — Temasek through Allamanda Investments has a 7.37% stake while GIC owns 2.24% equity.
Read more in The Economic Times article.
Though retail investors are yet to step in, the issue was oversubscribed 2.7 times on the first day, thanks to demand from institutional investors.
The Singapore government arms may face some competition from government-owned institutions in the Middle East. State-owned entities from Dubai, Abu Dhabi, Kuwait and Qatar are also said to looking at subscribing to the issue.
The RBI has allowed the two Singapore government arms to pick up 10% stake each in the country’s largest private sector bank. Incidentally, four Middle East government-led institutions are also said to be looking at subscribing to a significant portion in the $5-billion issue, half of which would be raised from the local market.
Other overseas institutional investors who may subscribe include Capital International, T Rowe Price, Legatum Capital and Aberdeen. Temasek and GIC together hold 9.61% stake in ICICI Bank — Temasek through Allamanda Investments has a 7.37% stake while GIC owns 2.24% equity.
Read more in The Economic Times article.
Thursday, May 24, 2007
Temasek, Singapore investment arm get nod to buy ICICI stake
The Reserve Bank of India (RBI) will allow Temasek and Government of Singapore Investment Corporation (GIC) to acquire 10% equity each in the country’s largest private sector lender ICICI Bank as a “one-off case”.
The regulator has taken a stand that this cannot be “quoted as a precedence” for the Singapore government’s investment arms and any other foreign investor to pick up stakes in other private sector banks, sources told ET. Even though the government has been in favour of allowing the Singapore entities to hold higher stakes in ICICI Bank, RBI had earlier said that Temasek and other investors associated with the Singapore government, like GIC and Monetary Authority of Singapore, were all ‘related entities’ and could together hold a maximum 10% stake.
The tussle between RBI and the Singapore government owes its origin to the Comprehensive Economic Co-operation Agreement between India and Singapore. The agreement says “...for investments into India’s capital markets, India shall regard GIC, Temasek and their investment vehicles as independent and unrelated legal entities, for the purpose of application of the Sebi legislation, including rules, regulations and guidelines governing investment limits on Foreign Institutional Investors...” Further, Annex 7 of the treaty says, “Each legal entity shall be allowed to purchase up to 10% or the prevailing threshold under these regulations, whichever is higher, of the issued capital of any company.” The Singapore investment arms were keen to participate in ICICI Bank’s issue in December ‘05. RBI had refused to make any exception for Temasek in the ownership guidelines for private banks, and had barred from further raising stake in the private bank.
Read more in The Economic Times article.
The regulator has taken a stand that this cannot be “quoted as a precedence” for the Singapore government’s investment arms and any other foreign investor to pick up stakes in other private sector banks, sources told ET. Even though the government has been in favour of allowing the Singapore entities to hold higher stakes in ICICI Bank, RBI had earlier said that Temasek and other investors associated with the Singapore government, like GIC and Monetary Authority of Singapore, were all ‘related entities’ and could together hold a maximum 10% stake.
The tussle between RBI and the Singapore government owes its origin to the Comprehensive Economic Co-operation Agreement between India and Singapore. The agreement says “...for investments into India’s capital markets, India shall regard GIC, Temasek and their investment vehicles as independent and unrelated legal entities, for the purpose of application of the Sebi legislation, including rules, regulations and guidelines governing investment limits on Foreign Institutional Investors...” Further, Annex 7 of the treaty says, “Each legal entity shall be allowed to purchase up to 10% or the prevailing threshold under these regulations, whichever is higher, of the issued capital of any company.” The Singapore investment arms were keen to participate in ICICI Bank’s issue in December ‘05. RBI had refused to make any exception for Temasek in the ownership guidelines for private banks, and had barred from further raising stake in the private bank.
Read more in The Economic Times article.
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