Singapore's Sembcorp to sell unit for $307 mln in cross-border deal (updated)

Sembcorp Industries

08/11/2024 12:24

(Updates with context and further details from paragraph 2)
       Nov 8 (Reuters) - Singapore-based Sembcorp Industries
 SCIL.SI  said on Friday it will sell its unit Sembcorp
Environment to a unit of Indonesian energy company TBS Energi
Utama  TOBA.JK  for S$405 million ($306.6 million).
    The deal comes just over a year after the Indonesian firm
acquired Asia Medical Enviro Services from Dymon Asia Private
Equity in August 2023.
    Sembcorp said in a statement that TBS Energi Utama will
retain management and staff of the waste management company
following the completion of the transaction to ensure
continuity.
    The deal aligns with the firm's 2024-2028 strategic plan to
accelerate its renewables growth and drive energy transition as
announced in November 2023, and proceeds from the sale will be
channeled towards the same, Sembcorp said in its statement.
    The proposed transaction is expected to be completed by the
first half of 2025.

($1 = 1.3209 Singapore dollars)

 (Reporting by Shivangi Lahiri in Bengaluru; Editing by Varun H
K)
 ((Shivangi.Lahiri@thomsonreuters.com;))