Unlike Singaporeans nationalism matters more than money for Australians

By: Frank Doe

The Straits Times today reported that “Opportunity to make billions more lost when Ausgrid stake sold to locals and not Chinese“.

Ausgrid is a state owned electricity infrastructure company, owned by the Government of New South Wales and operates the electrical distribution networks to a greater part of Australia. The New South Wales state government has just declared that it had sold 50.4 per cent stake in Ausgrid to two Aussie funds in a deal valued at A$20.8 billion and rejecting an offer of A$25.1 billion from State Grid.Corp of China, thereby foregoing a whopping difference of A$4.3 billion.

This is amid public opposition to allow foreign ownership of critical and sensitive national installations for security concerns, particularly of state-owned Chinese enterprises.

This is very different from what we do here – like Temasek Holdings selling Senoko Power to foreign owned Lion Power Holdings for S$3.65 billion in 2008 and Tuas Power to Chinese company, Huaneng Power International Inc…

To the Australians it’s not all about money. Nationalism comes first. To us it’s all about money.

SHARE