SP AusNet internalises management

SP AusNet has terminated a decade long management contract with its major shareholder, Singapore Power, in order to internalise management of the company’s Victorian electricity transmission and distribution networks. The transition to internalised management was prompted by Singapore Power selling 20% of its 51% stake in SP AusNet to State Grid Corporation of China for $824m (the equivalent of $1.23 per share). SP AusNet will pay Singapore Power $50m to terminate the contract and a further $7.5m to disentangle the companies’ IT systems. This will bite into 2014 net profit but is to the long term benefit of shareholders....

SP AusNet has terminated a decade long management contract with its major shareholder, Singapore Power, in order to internalise management of the company’s Victorian electricity transmission and distribution networks.

The transition to internalised management was prompted by Singapore Power selling 20% of its 51% stake in SP AusNet to State Grid Corporation of China for $824m (the equivalent of $1.23 per share).

{{content.question}}

SMS Code Sent…

Hi {{ user.FirstName }}

Looks like you've already taken a free trial

Please enter your payment details

We have sent you a code via SMS to {{user.DayPhone}}

please enter this code below to activate your membership

If you didn't receive SMS code please

Looks you are already a member. Please enter your password to proceed

Please untick this box when using a public or shared device


Verify your mobile number to unlock a FREE trial

Please sign up for full access

Updating information

Please wait ...

  • Mastercard
  • Visa

Related Articles