Sembcorp sells 49% stake in Yancheng China Water Co
Sembcorp Industries announces has completed the divestment of its entire 49% stake in Yancheng China Water Co to Yancheng City Municipal Utilities Investment Company for CNY260 million (US$53 million).
The Group will recognise a net gain of approximately US$30 million arising from this transaction for the financial year ending December 31, 2016.
Yancheng China Water Co runs a municipal water facility in Jiangsu, China. The consideration for the sale was decided taking into account the discounted cash flow of the operations and was paid in cash. The carrying value of the asset was CNY116 million (US$24 million).
No director or controlling shareholder of the Group had any interest, direct or indirect, in the transaction. Following the divestment, Yancheng China Water Co has ceased to be part of the Group.
This will not have a material impact on the earnings per share and net asset value per share of the Group for the financial year ending December 31, 2016.
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