YTL Power sells stake in ElectraNet for RM3.07bil

YTL Power group managing director Datuk Yeoh Seok Hong (pic) said the disposal allowed the company to realise gains from a mature investment, optimise the balance of assets in its business portfolio and increase the flexibility to deploy its cash reserves towards viable new ventures that complemented its existing businesses.

KUALA LUMPUR: YTL Power International Bhd has divested 33.5% of its stake in electricity transmission specialist ElectraNet Pty Ltd in Australia to Australian Utilities Pty Ltd as trustee of Australian Utilities Trust for A$1.02bil (RM3.07bil).

In a statement yesterday, YTL Power said it would realise a gain on disposal of RM2.21bil upon completion of the transaction.