Sembcorp Industries will not be selling its waste management business, after months of deliberation.
The company did not specify why.
"Sembcorp will continue to review its portfolio to ensure strategic fit and maximise shareholder value," says Sembcorp in its July 25 statement.
The energy and utilities company, one of the leading performing blue chips this year, has already appointed HSBC to help with the sale.
The waste management unit is estimated to be worth some $500 million and analysts such as Jame Osma of Citi Research believe that the divestment of this business will let Sembcorp better focus on its energy business.
Sembcorp shares closed unchanged at $5.65 on July 25, and is up just over 64% year to date.
