Sembcorp Industries’ wholly-owned subsidiary has completed the acquisition of an additional interest in Senoko Energy for $72 million, bringing its total stake to 50%.
The acquisition is expected to be accretive to the earnings per share of Sembcorp for the financial year ending Dec 31, 2025, but it is not expected to have a material impact on the net tangible assets per share of Sembcorp.
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.
See also: Geo Energy sells stake in Indonesian subsidiaries for US$18 mil
Shares in Sembcorp closed 9 cents higher or 1.324% up at $6.89 on June 13.
