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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