Singapore Power has hired Goldman Sachs to find a buyer for its 40per cent stake in Australian gas and electricity distributor Jemena, the Australian Financial Review reported.
Local media late last month reported that the sale of the stake owned by Singapore Power could be worth up to AUS$6 billion (US$3.79 billion), valuing Jemena at up to AUS$15 billion.
Jemena operates electricity and gas distribution infrastructure across Australia and is the biggest gas distributor in New South Wales, delivering gas to more than 1.5 million customers each year, according to its website.
Goldman declined to comment. Singapore Power did not respond to a Reuters request for comment, while Jemena could not be reached.
(US$1 = 1.5833 Australian dollars)
(This story has been corrected to state that Singapore Power, not Temasek, hired Goldman Sachs after AFR updated its story in the headline and in paragraph 1; also to remove Temasek from references to comments in paragraph 4)
(Reporting by Sameer Manekar in Bengaluru, Yantoultra Ngui in Singapore and Kane Wu in Hong Kong; Editing by Sonia Cheema and Louise Heavens)
Source: todayonline.com
