- The Washington Times - Thursday, November 27, 2008

SINGAPORE (AP) - Singapore‘s state-owned investment company Temasek Holdings Pte. Ltd. said it canceled an auction of electricity generator PowerSeraya Ltd.

"We launched the tender process early last month based on indications of interest from investors," Temasek’s investment director Gwendel Tung said in a statement late Tuesday. "In light of the market conditions, we have decided not to proceed further."

Temasek still plans to sell PowerSeraya in the future, Tung said.

PowerSeraya, which has a capacity of 3,100 megawatts and provides about 28 percent of the city-state’s electricity, would have been the third power plant sold by the government investment company this year.

Temasek sold Senoko Power in September to a consortium led by Japanese brokerage Marubeni Corp for 3.65 billion Singapore dollars ($2.49 billion) and in March sold Tuas Power Ltd. to power producer China Huaneng Group for SG$4.24 billion ($3.0 billion).

The three companies generate about 90 percent of Singapore’s power.

Temasek said in August profit doubled to a record SG$18.2 billion ($12.8 billion) for the year ending March 31, 2008. The government-run investment company’s portfolio grew to SG$185 billion ($131 billion).

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