Power supplier CLP has taken another step forward in spinning off its energy flagship in Australia, a growth driver for the group's profit last year.
Chief executive Andrew Brandler yesterday said the utility had engaged financial advisers to consider the prospect of a separate listing of TRUenergy, Australia's No 2 electricity supplier, pending the final decision.
The market is abuzz with rumours that CLP will hold a 'beauty contest' next month to choose the investment bankers to handle the potential listing, which may raise up to A$3 billion (HK$25 billion) on the Sydney stock exchange in the second half of this year.
'A listing will allow TRUenergy its own capability to raise capital to meet its future investment need,' Brandler said, but declined to elaborate. 'I can't say the time of the potential listing.'
He added that CLP's power plants and wind power assets in India are a candidate for a separate listing in due course.
TRUenergy, which is CLP's largest overseas subsidiary, and supplies gas and electricity in Victoria, South Australia, New South Wales, ACT and Queensland, saw its operating earnings excluding one-off items more than double to HK$2.91 billion last year, from HK$1.3 billion in 2010.
