Slaughter and May is advising YTL Power International Berhad on the proposed acquisition of the power plant and associated assets of Tuaspring Pte Ltd by its subsidiary, Taser Power Pte. Ltd as part of the PowerSeraya group

On 12 March 2020 YTL Power International Berhad ("YTL Power") announced that it had entered into a put and call option agreement for the proposed acquisition of the power plant and associated assets of Tuaspring Pte Ltd (the “Assets”) by its subsidiary, Taser Power Pte. Ltd, a wholly-owned subsidiary of YTL PowerSeraya Pte Limited (“YTLPS”). The Assets are being sold via a receiver and manager process managed by Baker Tilly Advisory Pte Ltd following an enforcement event under Tuaspring Pte Ltd’s banking facilities provided by Malayan Banking Berhad, Singapore Branch. There is a total purchase consideration of SGD331,450,000 to be settled as to SGD230,000,000 in cash and SGD101,452,000 comprising ordinary shares and loan notes amounting to 7.54% of the post-acquisition equity in YTL Utilities (S) Pte Ltd, the immediate holding company of YTLPS.

Closing of the acquisition is conditional on, inter alia, on approval of the Energy Market Authority of Singapore and completion of financing arrangements.

Slaughter and May and TSMP Law Corporation are advising YTL Power. The principal TSMP Law Corporation contacts are Jennifer Chia Hsien Lin (partner) and Lena Yeo Shu Lin (associate).