Marubeni boosts power role in Singapore by raising Senoko stake
Marubeni has raised its stake in Senoko Energy to 50%, after acquiring shares in the Singaporean power generator's holding company.
The trading house said in a statement on Wednesday it increased its stake from 30% after buying the shares in Lion Power 2008 from its Japanese co-investors. Financial terms weren't disclosed. Following the acquisition, Marubeni will jointly hold Senoko with Singapore's Sembcorp Utilities.
"Marubeni will become more actively involved in the management of Senoko than previously and, together with Sembcorp, will continue to contribute to the stable supply of electricity in Singapore,' it said.
Sembcorp had pledged in April to raise its stake in Senoko to as much as 70%, subject to Marubeni's plans.
The Japanese investors that sold their stakes to Marubeni were Kyushu Electric Power, Kansai Electric Power and Japan Bank for International Cooperation.
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