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EnergyAustralia may move to Cayman Islands

energy australia 2From Sydney Morning Herald

Could control of troubled electricity and gas retailer EnergyAustralia move from Hong Kong to the Cayman Islands?

CBD hears talk that Hong Kong’s China Light and Power, which owns EnergyAustralia, is considering a trade sale, possibly to Alinta Energy.

The Alinta business was taken over by its lender, private equity group TPG, in 2011.

It’s now owned by Alinta Holdings, which gives its address as Ugland House, in Cayman capital George Town.

A China Light and Power spokeswoman said the company’s position on floating EnergyAustralia remained the same as last year, when it canned the idea due to ”operational imperatives and [the] general economic environment”.

But she was less emphatic about a trade sale. ”We have consistently said that we do not rule out any options but we have no current plans on a trade sale,” she said.

If control does pass to TPG, decision-making power won’t make the trip all the way to the Caymans. TPG’s Asia Pacific boss, Steve Schneider, who is on the Alinta board, lives right there on Hong Kong island.

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