Temasek to sell PowerSeraya after surprise bid from YTL

03 Dec 2008

Malaysian utilities company YTL Power is to borrow S$2.25bn ($1.47bn) to finance its acquisition of PowerSeraya, after Singapore’s Temasek Holdings reversed last week’s decision to postpone the sale.

Temasek agreed to sell PowerSeraya for S$3.6bn ($2.35bn) on Tuesday after YTL tendered an unsolicited offer. DBS will act as sole underwriter for the S$2.25bn limited-recourse loan supporting the takeover.

This is by far the largest sole underwrite agreed by any Asian lender since the collapse of Lehman ...

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