GMR to divest 30-% stake in energy arm to Petronas
28 December 2011
GMR Infrastructure Ltd has completed an agreement to sell a 30-per cent stake in subsidiary GMR Energy (Singapore) Pte Ltd for S$50 million to Petronas Power.
GMR Infrastructure had entered into agreements for the stake sale on 26 September, but had not disclosed the financial terms.
Petronas Power has also paid about S$19 million equivalent towards the 30 per cent shareholder loan contributed by GMR Infrastructure.
The transaction was completed on Tuesday, GMR Infrastructure said in a statement.
The Malaysian firm would also contribute to the future equity requirements of the project, propoetionate to its stake.
Even though, the Bangalore-based firm had not disclosed the value of the deal, anlaysts had estimted it to have been sealed at a 30-per cent premium to its total investment in Singapore's Jurong Island.