The proposed transaction aligns with Sembcorp's strategic plan and will sharpen its focus on growth in the energy sector to ensure strategic fit and maximise shareholder value, the company says in a filing.
Sembcorp Industries has entered into a share purchase agreement to sell 100% of the shares in its wholly-owned subsidiary Sembcorp Environment (SembEnviro) to SBT Investment 2, a wholly-owned subsidiary of Indonesia Stock Exchange-listed PT TBS Energi Utama (TBS).
The total consideration for the proposed transaction is estimated at $405 million. This represents a 43% premium over the book value and net asset value of SembEnviro and its subsidiaries as at June 30, after taking into account the estimated pre-completion dividend to be distributed from SembEnviro group.
