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SINGAPORE, Nov 25 - Singapore's state investor Temasek Holdings said on Tuesday it has postponed the sale of its fully-owned electricity generating firm PowerSeraya.
The delay, amid market turmoil that has dampened deal-making globally, came on the same day when the world's top miner BHP said it was dropping its proposed US$66 billion (S$100.2 billion) hostile takeover of Rio Tinto.
"We launched the tender process early last month based on indications of interest from investors. In light of the market conditions, we have decided not to proceed further," Gwendel Tung, director of investment at Temasek, said in a statement.
PowerSeraya is the third of three power companies that Temasek is selling as part of efforts to liberalise the city-state's electricity market.
Temasek said it remained committed to divesting all power companies in Singapore.
"We are flexible as to how and when we will revisit the divestment of PowerSeraya," Tung said.
The firm's plant has a capacity of 3,100 megawatts but this will rise to 3,900 MW by 2010 as it is in the process of building an 800 MW capacity natural gas-fired plant.
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