| Temasek Tower, Singapore |
Singapore's state investment firm Temasek Holdings announced that it has put off the sale of its Singapore power generation company Power Seraya due to poor market conditions.
Temasek had launched the tender process last month based on indications of interest from investors.
Temasek said in a statement that it has stopped the tender process and that Power Seraya will continue to operate as usual under the supervision of its board and management.
Power Seraya generates about 28 percent of Singapore's electricity. Analysts had earlier speculated that it may be worth 4.9 billion Singapore dollars (3.2 billion U.S. dollars).
For the year ended March 31, Power Seraya had revenues of 2.79 billion Singapore dollars and earnings before interest, tax, depreciation and amortization of 355 million Singapore dollars.
Temasek said it remains committed to divest all of its power generation companies in Singapore in a bid to liberalize the city-state's power-generating sector. It added that it is flexible as to how and when it will revisit the divestment of Power Seraya.
In March this year, Temasek sold Tuas Power to China's Huaneng Group for 4.2 billion Singapore dollars, then it sold Senoko Powergenerating company to a consortium led by Japanese Marubeni Corporation for 3.65 billion Singapore dollars in September.cy Economic Stabilization Act.
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