CLP Consortium Short-Listed for Temasek Auction

HONG KONG (XFN-ASIA) – A consortium led by CLP Holdings has been short-listed to bid for the third Singapore power asset put up for sale by Temasek Holdings, an investment arm of the Singapore government

The South China Morning Post reported, citing market sources, that the auction is expected to raise up to US$2.5bn.

Short-listed bidders, including Bahrain fund Arcapita, were notified late last week after indicative non-binding bids were received last month.

Temasek hopes to finalise a deal by the end of the year.

Temasek, Arcapita and CLP declined to comment, the report said.

CLP has been joined in the bid by Japanese trading house Itochu and Thailand Electricity Generating Public Co (Egco).

The Hong Kong utility owns an 11% stake in Egco through its OneEnergy joint venture with Japan‘s Mitsubishi Corp.

Source: Thomson Merger News