SG Dealbook: GIC-backed group bids for Sithe Power assets, Xpress Holdings launches China JV

Dusk view of Singapore's downtown. Credit:Flickr/Jerry van Krasten

GIC is part of a consortium bidding for a stake in power plant assets that Sithe Global Power is divesting in the Philippines, while Xpress Holdings has launched a JV firm to operate supermarkets in China.

GIC part of group bidding for Sithe Power Assets

GIC is part of a consortium that has submitted bids for Sithe Global Power LLC’s stakes in two Philippine power plants. Sithe Global Power is owned by the Blackstone Group LP.

Bloomberg, which reported the development, cited people with knowledge of the matter who shared that the consortium, which includes Macquarie Infrastructure Corp and Malaysian power company Malakoff Corp, submitted a non-binding offer for the stakes in a deal that could be worth $1 billion.

The transaction involves a stake estimated at more than 60 per cent in the 600-MW Marveles power plant and a 40 per cent stake in the 1300-MW Dinginin power station, under construction. The Mariveles and Dinginin power stations are co-owned by the Philippines-based Ayala Corp. and Sithe Global. Ayala in 2012 acquired a 17.1 per cent stake in Mariveles for $155 million.

Other firms participating in the bid are Thailand’s Ratchaburi Electricity Generating Holding Pcl, the Philippines’ Aboitiz Power Corp and Japan’s Marubeni Corp, according to sources cited by Bloomberg.

Xpress Holdings arm launches JV to operate Chinese supermarkets

iSmart Investments (ISI), a wholly owned subsidiary of Singapore-listed print management services corporation Xpress Holdings, is forming a joint venture with Sheng Siong Group and Kunming LuChen Group Co. to operate supermarkets in China.

Sheng Siong, which operates supermarkets in Singapore, and Kunming Luchen, a manufacturer and distributor of food products in China, have an existing partnership to operate supermarkets in China. The decision to enter the Chinese market by Sheng Siong was the growth opportunity it represented.

ISI is a newly-established subsidiary set up in May as an investment holding company according to a stock exchange filing. ISI has an initial paid-up capital of S$1 million and is funded internally by Xpress Holdings.

The JV firm has a registered capital of $10 million, with Sheng Siong Group subscribing to a 60 per cent stake for $6 million; Kunming LuChen will subscribe to a 30 per cent stake for $3 million; while ISI will subscribe to a 10 per cent stake for $1 million.

Xpress stated: “The board views this as a rare opportunity for the company to own a stake in the China supermarket business run by a reputable Singapore-based supermarket chain operator and that the joint venture company can reap the same success that Sheng Siong Group has achieved in Singapore.”

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.