YTL Power International Bhd’s wholly-owned subsidiary, YTL PowerSeraya Pte Ltd, has proposed to acquire the power plant and associated assets of Tuaspring Pte Ltd for S$331.45 million (RM1 billion).
In a filing with Bursa Malaysia, YTL Power said the acquisition would be settled with S$230 million in cash and S$101.45 million in ordinary shares and loan notes amounting to 7.54% of the post-acquisition equity in YTL Utilities (S) Pte Ltd, the immediate holding company of YTL PowerSeraya.
The assets comprise a land lease over a site located at 90 Tuas South Avenue 3, Singapore, with a remaining term of 20 years and a 396 megawatt (MW) combined cycle power station, as well as stocks and associated assets.
It said the acquisition presented an opportunity to acquire an efficient, operating asset with a proven operational track record, as well as to enable YTL Power to integrate the assets into YTL PowerSeraya’s existing businesses and consolidate its power generation capacity in Singapore
“Barring any unforeseen circumstances, the proposed acquisition is expected to be completed by the end of the second quarter of the 2020 calendar year,” it added.
Source : Bernama/FMT