Sembcorp to take over 30% of Senoko Energy

This will be completed in Q4.

Sembcorp Industries’ wholly-owned subsidiary Sembcorp Utilities is set to acquire a 30% stake in Senoko Energy after signing a sale and purchase agreement with ENGIE Global Developments.

In a bourse filing, Sembcorp said the interest is held by ENGIE through the latter’s wholly-owned subsidiary TWMB Holdings B.V.

“The proposed acquisition will be complementary to Sembcorp’s current portfolio of energy assets, enhancing its capability to support Singapore's energy transition whilst providing for energy security and resilience for Singapore,” the company said.

Sembcorp said it will fund the acquisition through internal cash or external borrowings. The transaction is expected to be accretive to Sembcorp's earnings and have no material impact on net tangible assets per share for 2024.

The acquisition is subject to regulatory approvals and preemption rights. Transaction details will be announced upon completion, which is expected to be in the fourth quarter of 2024.