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SINGAPORE, Aug 6, 2012 - (ACN Newswire) - Singapore Exchange (SGX) today said it has acquired 49% of Singapore-based Energy Market Company (EMC).
EMC is the operator of the National Electricity Market of Singapore (NEMS), the local market for wholesale electricity trading and the first such liberalised market in Asia. Wholesale electricity in Singapore is bought and sold through the NEMS.
The acquisition marks SGX's entry into the electricity sector, expanding its current portfolio of energy products and OTC clearing services. SGX will also be well-placed to pioneer electricity and related derivatives.
EMC will continue to run independently with its own board and management.
"The stake in EMC affirms our commitment towards building a leading presence in the energy and commodities market. The demand for electricity and energy products will increase in line with Asia's growth and this acquisition will position SGX to take advantage of these opportunities," said Mr Magnus Bocker, CEO of SGX.
SGX is acquiring this 49% from M-Co (The MarketPlace Company) Pte Limited, for a consideration of S$17.64 million and a deferred consideration of up to S$2 million over three years, subject to certain conditions being met. The acquisition, which was completed today, is expected to have a marginal positive impact on SGX's net tangible assets and earnings per share for the financial year ending 30 June 2013.
About Energy Market Company (EMC)
Energy Market Company (EMC) is the wholesale market operator of the National Electricity Market of Singapore (NEMS). EMC was established in 2001 as a joint venture between the Energy Market Authority (EMA), a statutory board under the Singapore Ministry of Trade and Industry, and The Marketplace Company Pte Ltd (M-co). EMC provides a transparent and competitive platform for the trading of electricity in Singapore. Its key activities include calculating prices, scheduling generation, clearing and settling market transactions as well as supporting governance of the market. For more information on EMC, please visit www.emcsg.com.
Contact:
Carolyn Lim
Communications
Tel: +65 6236 8139
Email: carolyn.lim@sgx.com
Joan Lew
Communications
Tel: +65 6236 8658
Email: joan@sgx.com
Topic: Investment
Source: Singapore Exchange (SGX)
Sectors: Daily Finance, Daily News
http://www.acnnewswire.com
From the Asia Corporate News Network
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