GIC joins Genting in bidding for Loy Yang

SINGAPORE’S state-controlled overseas investment fund has joined the bid by Genting Bhd for Australia’s largest privately-owned power station, the head of Genting’s power division T.S. Ong said. 

Genting had last Friday matched a A$3.5bil bid for Loy Yang Power by a consortium led by Australian Gas Light Co (AGL), and Ong confirmed late on Monday that Government of Singapore Investment Corp, or GIC, which oversees more than US$100bil in assets, had joined the bid.