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
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.”