GIC among bidders for Sithe power assets: sources

Kuala Lumpur

A GROUP including Singapore's sovereign wealth fund GIC is among suitors that have submitted bids for Sithe Global Power's stakes in two Philippine power plants, people with knowledge of the matter said.

The consortium, including an infrastructure investment fund managed by Macquarie Group Ltd and Malaysian power company Malakoff Corp, submitted a non-binding offer for the stakes, the people said. The Blackstone Group-owned company's sale could fetch more than US$1 billion, they said, asking not to be identified as the process is private.