A subsidiary of State Grip Corp. of China sold its stake in AusNet Services, an Australian gas and electricity distribution company, for more than twice the amount it paid for it in 2013. The Chinese state-owned power company’s overseas unit, State Grid International Development, sold a 19.9% share in AusNet for $1.3 billion at $1.91 per share, reports Caixin. The buyer was a consortium led by Canadian company Brookfield Asset Management. State Grid Corp. said it received the total proceeds.
State Grid said the Australian project is the first complete project cycle of investment, operation and sale. In the future, overseas investment will optimize the pattern and follow flexible strategies, the company said.
State Grid set a global strategy in 2004 aiming to enter the overseas power transmission and distribution market through equity investments, project bidding and other means.
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