Sembcorp Industries (SGX:U96) has agreed to sell its entire stake in Sembcorp Environment to SBT Investment 2, a subsidiary of Indonesia's TBS Energi Utama, for SG$405 million, according to a Friday filing on the Singapore Exchange.
The deal reflects a 43% premium over the net asset value as of June 30, the filing said.
Payment will be made in cash, with final adjustments based on the target group's net cash position at closing. Completion of the deal is expected to occur in the first half of 2025.
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