• Australia’s foreign investment approval paves way for completion of two transactions involving Singapore Power International (SPI) and State Grid International Development (SGID)
• SGID to purchase a 60% shareholding in SPI (Australia) Assets Pty Ltd, a leading Australian energy infrastructure company wholly owned by SPI
• SPI and SGID have also entered into a separate agreement for SGID to acquire from SPI a 19.9% security holding in SP AusNet

Singapore Power today welcomes the decision by the Australian Treasurer, the Hon Joe Hockey MP, to conditionally approve the application from State Grid Corporation of China (State Grid) to acquire 19.9 per cent of SP AusNet and 60 per cent of SPI (Australia) Assets Pty Ltd and SPI (Australia) Trust.

“Singapore Power remains a committed and long-term investor in the Australian electricity and gas transmission and distribution networks. Together with our partners, we look forward to continued growth in quality service and reliability for consumers in Australia,” Singapore Power’s Group Chief Executive Officer Mr Wong Kim Yin said today.

“The decision validates Singapore Power’s confidence that Australia strongly supports businesses and is favourable for foreign investments. These transactions will strengthen the two businesses in Australia and position them well for further opportunity,” Mr Wong added.

Both shareholders will continue to support investment that delivers enhanced service quality to consumers and is commercially viable for the companies.

About Singapore Power Ltd and Singapore Power International Pte Ltd
SPI is an investment holding company for Singapore Power (SP), a leading energy utility company in the Asia Pacific. SP owns and operates electricity and gas transmission and distribution businesses in Singapore and in Australia, primarily in Victoria, New South Wales and Queensland. More than 1.4 million industrial, commercial and residential customers in Singapore benefit from SP’s world-class electricity and gas transmission and distribution, and market support services. Singapore has one of the fewest and shortest power outages of cities worldwide, as rated by international industry indices. In Australia, the SP Group serves 2.8 million customers through wholly-owned SPIAA, a diversified energy utility company and 51 per cent owned SP AusNet, which is publicly listed on the Australian and Singapore Stock Exchanges. As one of Singapore’s largest corporations, SP recorded revenue of S$8.97 billion and assets of S$34.5 billion for the year ended 31 March 2013.

Issued by: Singapore Power Limited
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