Temasek to divest utility assets through business trust

The high-profile sponsor and the potential for co-investments between the trust and Temasek should attract investor interest, observers believe.

Temasek will spin off its gas and water utilities assets into a business trust that it aims to list in the domestic market, the Singapore-based investment company said in a release yesterday.

The IPO will be jointly arranged by DBS and Morgan Stanley and is expected to raise about $150 million, sources familiar with the offering say. Pre-marketing started yesterday after the business trust lodged a preliminary prospectus with the Singapore authorities. The formal roadshow is expected to kick off...

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