Sunseap to shelve IPO plans after S$1.1b buyout; Temasek sold all 12% of its stake

SUNSEAP Group will put on hold plans to be listed on the Singapore Exchange (SGX), its chief executive officer (CEO) said after concluding the sale of a 91 per cent stake to EDP Renewables (EDPR) for S$1.1 billion on Thursday (Feb 24).

Frank Phuan, also co-founder of the Singapore renewable energy company, confirmed as well that EDPR's acquisition meant that its early investors, including state investor Temasek, which owned 12 per cent of Sunseap, have relinquished their entire stake in the company.

Phuan and his fellow co-founder Lawrence Wu now hold a 7 per cent stake - about half of what they owned before the acquisition - while its Japanese investors, including Sumitomo Corporation, retained 2 per cent holdings in the company.