Company Briefs: Sembcorp Industries

Sembcorp Industries

A unit of Sembcorp Industries has completed the divestment of its entire 49 per cent stake in Yancheng China Water for 260 million yuan (S$54 million).

The group will realise a net gain of about $30 million from the sale for the financial year ending Dec 31, Sembcorp Industries said in a stock exchange filing yesterday.

The stake in Yancheng China Water, which runs a municipal water facility in Jiangsu, was sold to Yancheng City Municipal Utilities Investment Company.

"The consideration for the sale was decided, taking into account the discounted cash flow of the operations and was paid in cash. The carrying value of the asset was 116 million yuan," it added.

Keppel Corporation

The rig-building unit of Keppel Corporation, Keppel Fels, has entered into a settlement agreement for the construction of a jack-up rig intended for Parden Holding SRL.

Keppel Corp said yesterday the agreement was made with the guarantor of Parden's obligations, following the firm's failure to take delivery of the rig and make payment for 80 per cent of the contract value.

The agreement provides for a sales contract to be concurrently executed with 361 Projects, an associate of the guarantor, for the purchase of the rig at a price equivalent to the balance contract value previously agreed with Parden.

CSC Holdings

A subsidiary of engineering firm CSC Holdings is selling its 49 per cent interest in Siam CSC Engineering Co to The Pathumthani Concrete for 34.5 million baht (S$1.4 million).

The sale, which involves 196,000 ordinary shares, is expected to be completed by the end of the first quarter of next year.

Siam CSC Engineering is a joint venture company providing piling services in Thailand.

Upon the completion of the sale, CSC Holdings said the joint venture agreement will be terminated and Siam CSC Engineering will no longer be an associated company of the group.

A version of this article appeared in the print edition of The Straits Times on December 31, 2016, with the headline 'Company Briefs'. Print Edition | Subscribe