Sembcorp Industries, a company majority owned by Singapore’s sovereign wealthy fund Temasek, is selling Sembcorp Environment to SBT Investment for S$405m (€284m).
The buyer is a subsidiary of PT TBS Energi Utama is paying a 43% premium over the book value and net asset value of SembEnviro and its subsidiaries (SembEnviro group) as at 30 June 2024, after taking into account the estimated pre-completion dividend to be distributed from SembEnviro group.
TBS, through its subsidiaries, manages a waste management portfolio in Singapore and Indonesia. In Singapore, TBS owns and operates Asia Medical Enviro Services, which specialises in biohazardous and medical waste treatment services.
“This proposed transaction aligns with Sembcorp’s strategic plan and will sharpen Sembcorp’s focus on growth in the energy sector to ensure strategic fit and maximise shareholder value,” said the company.
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