SGX grabs remaining EMC shares for $23m
It’s now a subsidiary of SGX.
Singapore Exchange yesterday acquired the remaining 51% of Singapore-based Energy Market Company (EMC) from the Energy Market Authority (EMA), making EMC a wholly-owned subsidiary of SGX. SGX shelled out a cash consideration of $23 million.
This acquisition will allow wholesale electricity market participants will benefit from two percent savings in market fees over the next three years.
EMC will continue to be regulated by EMA. SGX had in August 2012 bought 49% of EMC, the operator of the National Electricity Market of Singapore (NEMS).