Slaughter and May advised YTL Power International Berhad and its subsidiary, YTL Powerseraya Pte Limited, on the completion of its proposed acquisition of the power plant and associated assets of Tuaspring Pte Ltd through its subsidiary, Taser Power Pte. Ltd, and associated acquisition financing
On 1 June 2022, YTL Power International Berhad ("YTL Power") announced that it has acquired the power plant and associated assets of Tuaspring Pte Ltd (the “Assets”) through its subsidiary, Taser Power Pte. Ltd (“Taser”), part of the YTL PowerSeraya Pte Limited (“YTLPS”) group, for total cash consideration of SGD270,000,000.
The Assets were 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.
Closing of this transaction required, inter alia, the approval of the Energy Market Authority of Singapore, acquisition financing arrangements as to SGD230,000,000 of the cash consideration and the negotiation of certain ongoing operational contracts. It also coincided with the refinancing of YTLPS’ existing SGD1,901,387,000 term loan facility.
Slaughter and May and TSMP Law Corporation advised YTL Power, YTLPS and Taser. The principal TSMP Law Corporation contacts are Jennifer Chia Hsien Lin (partner), Ernest Low (associate) and Soo Guo Sheng (associate).