[Xinhua News Agency] SGCC Invests in Australian Assets of Singapore Power

????May 17, Beijing??SGCC announced today that it has signed an agreement on May 16th with Singapore Power Limited to purchase a 60-percent stake in SPI (Australia) Assets Pty Limited (SPIAA), as well as a 19.9-percent stake in its sister company SP AusNet, both of which are Singapore Power??s Australian assets.

????SPIAA, a wholly owned subsidiary of Singapore Power, is an energy infrastructure company that runs power distribution, gas transmission and distribution services in Australian states and territories including Victoria, Queensland, New South Wales and Australian Capital Territory.

????SP AusNet, a provider of similar energy services in the state of Victoria, currently has 51 percent of stakes owned by Singapore Power, and the remaining 49 percent by public shareholders. It is listed on both the Australian Securities Exchange and the Singapore Exchange.

????SGCC has successfully acquired quality assets in the Philippines, Brazil, Portugal and Australia while implementing its ??Going Global?? Strategy in recent years, all with good income on investment. SPIAA and SP AusNet are operating mainly in economically developed areas in southeastern Australia. They have excellent assets and stable performance. The stake acquisition will help optimize SGCC??s overseas asset portfolio and boost its global influence and competitiveness.

????Source: Xinhua News Agency

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