Transpower to pay government special div of $65.7M from d-cyphaTrade sale

Transpower, the state-owned electricity grid company, will pay a special dividend of $65.7 million to the government this month after concluding the sale of derivatives trading unit to ASX in May.

The grid company sold d-cyphaTrade to Australian stock market operator ASX for A$55 million. It set the business up in 2002 to promote Australian exchange-traded electricity futures and to sell related training and information products.

“D-cyphaTrade and its future development opportunities were not core business for Transpower,” chairman Mark Verbiest said in a statement.

D-cyphaTrade had income of $10.4 million in 2012, down from $12.7 million a year earlier.