SGX buys rest of EMC, plans electricity futures

SINGAPORE Exchange (SGX) has acquired the rest of electricity market operator Energy Market Co (EMC) for S$23 million in cash as it marches towards its goal of creating electricity and energy futures.

SGX acquired the remaining 51 per cent of EMC from the Energy Market Authority of Singapore, two years after buying an initial 49 per cent stake for S$17.6 million plus a conditional S$2 million.

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