Sembcorp Industries says wholly-owned entity Sembcorp Utilities has completed the divestment of its entire 60% stake in Sembcorp Air Products (SembAP) to Eastman Chemical Singapore (Eastman) for $4 million.
In addition, the group has transferred its propylene purification plant on Jurong Island to Eastman for $5.7 million.
SembAP manufactures and deals in hydrogen, carbon monoxide and synthesis gas on Jurong Island, and holds a 50% stake in Sakra Island Carbon Dioxide.
Following the divestment, SembAP and Sakra Island Carbon Dioxide have ceased to be part of the group.
As shares in rigbuilders like Sembcorp and Keppel plumb lows not seen in eight years, efforts at the very highest level now seem to be underway to put a floor under its sinking market value. Among the moves that appear to be under discussion is the monetisation of non-core assets, and the addition of new businesses.
Sembcorp shares closed flat at $2.23 on Thursday.
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In addition, the group has transferred its propylene purification plant on Jurong Island to Eastman for $5.7 million.
SembAP manufactures and deals in hydrogen, carbon monoxide and synthesis gas on Jurong Island, and holds a 50% stake in Sakra Island Carbon Dioxide.
Following the divestment, SembAP and Sakra Island Carbon Dioxide have ceased to be part of the group.
As shares in rigbuilders like Sembcorp and Keppel plumb lows not seen in eight years, efforts at the very highest level now seem to be underway to put a floor under its sinking market value. Among the moves that appear to be under discussion is the monetisation of non-core assets, and the addition of new businesses.
Sembcorp shares closed flat at $2.23 on Thursday.
Click Here To Register For Free Trial Services OR Give A Missed Call : +6531581402 Follow Us On Twitter : www.twitter.com/epicresearchsg Like Us On Facebook : www.facebook.com/EpicResearchSingapore Need Any Assistance Feel Free To Mail Us at : info@epicresearch.sg
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