On Apr 2, Sembcorp’s subsidiary Sembcorp Utilities signed a sale and purchase agreement with KPIC Netherlands B.V.1, Kyuden International Corporation and Japan Bank for International Cooperation, to acquire up to 57.1% interest in Lion Power.
Lion Power holds a 70% interest in Senoko Energy and is owned by a joint venture comprising Marubeni Corporation, KPIC Netherlands B.V., Kyuden International Corporation and JBIC. Marubeni Corporation holds the remaining 42.9% interest in Lion Power.
The consideration paid for the acquisition was $72 million, comprising the purchase price of $69 million and a working capital adjustment of $3 million.
Sembcorp says that the proposed acquisition will open more opportunities for Sembcorp and Senoko Energy to drive energy transition and deliver sustainable and reliable energy to its customers and Singapore.
Shares in Sembcorp closed 9 cents higher or 1.324% up at $6.89 on June 13.
