Singapore-listed Sembcorp Industries dismissed media reports that the sale of its waste and recycling business is imminent.

Media reports said that suitors including KKR, Macquarie Asset Management and US private equity firm I Squared Capital, were potential bidders of SembWaste.

Reuters quoted sources as saying that these groups were lining up to buy the business which could have a value of around $500m. It said SembCorp had hired HSBC to run the sale and that the first round of non-binding bids was due by early June.

Sembcorp said the company regularly reviews its portfolio from time to time to ensure strategic fit and maximise shareholder value.

“No definitive transaction in respect of any potential sale has been entered into by Sembcorp with any party, and there is no certainty that any such transaction will materialise.”

The company said an appropriate announcement would be made by Sembcorp if there were any material developments.

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