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SPP to dump 90% of holdings before sale

Gas utility SPP has said it intends to unite up to 90% of its 35 holdings in other firms - largely bankrupt companies or those undergoing liquidation - into a 100% daughter holding company which it will sell to the government shortly before SPP's privatisation.

SPP - the world's second largest gas distributor - is expected to be privatised by the end of this year or early next year. The 49% stake could fetch as much as $2 billion.

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