Australia clears State Grid application
Print Edition
Australian Treasurer Joe Hockey said yesterday that his government has conditionally approved a foreign investment application from the State Grid Corp of China to acquire 19.9 percent of SP AusNet and 60 percent of SPI (Australia) Assets Pty Ltd and SPI (Australia) Trust (trading as Jemena).
According to Hockey, the application is approved on the condition that at least 50 percent of the members to be appointed by State Grid to the boards of SP AusNet and Jemena are Australian citizens who are ordinarily residents in the country.
SP AusNet is a dual Australian Securities Exchange and Singapore Exchange listed energy infrastructure entity which owns and operates electricity transmission networks, electricity distribution networks and gas distribution networks in Victoria state.
Jemena is a private company that owns and operates electricity, gas and water assets in eastern Australia.
China’s State Grid is the world’s largest electric utility and ranks seventh in the Fortune Global 500.
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