New York, August 6 (FinanceEnquiry.com) – Singapore Exchange announced its deal to acquire 49 percent of stake in an Singapore-based company, Energy Market Company (EMC).
The stake of 49 percent has been acquired from M-Co Pte Limited by SGX for an amount worth $17.64 million and a deferred consideration of around $2 million in the coming three years with subject to fulfill certain conditions. The deal might have a marginal positive effect on the earnings per share and net tangible assets of SGX for the financial year ending on June 30, 2013.
Energy Market Company (EMC) was established in year of 2001. It was set up as a joint venture between the Energy Market Authority and The Market place Company Pte Ltd and is the wholesale market operator of the National Electricity Market of Singapore.
Whereas, Singapore Exchange (SGX) is the Asian Gateway, which connects investors in search of Asian growth to corporate issuers in search of global capital.
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