Temasek sells CPG to Downer EDI

Singapore''s promised divestment process stays on track with the sale of CPG Corporation to Australia''s Downer EDI.

Temasek, the Singapore government investment agency, has announced the sale of CPG Corporation to Downer EDI of Australia. CPG Corporation was formerly the Public Works Department of the Singapore government before it was corporatized in 1999 and re-named in 2002. Downer EDI is Australia's second largest engineering, infrastructure and resource services company.

Last November, the government announced it had hired JPMorgan to find a new buyer for the company, the first such divestment to happen under the newly published Temasek Charter. The 100% sale of CPG is expected to be finalized on April 1.

There were six bidders - including a bid by the management - and Downer's bid of...

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