SGX acquires remaining 51% stake in EMC for $23 million

Singapore Exchange said it has acquired the rest of electricity market operator Energy Market Co (EMC) for $23 million in cash. SGX bought the remaining 51% of EMC from the Energy Market Authority of Singapore, two years after buying an initial 49% stake for $17.6 million plus a conditional $2 million.

EMC is the exchange for wholesale electricity trading, providing a transparent and competitive trading platform. Its key activities include calculating prices, scheduling generation, clearing and settling market transactions as well as supporting governance of the market.

The acquisition is not expected to have any material impact on SGX's net tangible assets and earnings for the year ending June 2015.

SGX closed 2.8% lower at $7.03 today.