Sembcorp Industries says its power plant in Myanmar remains in operation, and its employees are safe, following the coup on Feb 1.
The 225-megawatt gas-fired power plant in Mandalay, Myanmar, commenced full commercial operation in October 2018. The plant is being operated by Sembcorp’s subsidiary Sembcorp Myingyan Power Company Limited.
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As of Dec 31, 2020, the net book value of the facility was US$57 million ($75.4 million) and US$230 million of the project’s loan remains outstanding. The outstanding loan is backed by a corporate guarantee issued by Sembcorp’s wholly-owned subsidiary, Sembcorp Utilities.
Sembcorp’s industrial park development as announced on Aug 17, 2020, has not commenced. The group says it will continue to monitor the situation in the country.
Shares in Sembcorp closed flat at $1.69 on Feb 16.
