Sembcorp Industries has sold its entire stake in its water business in Panama, thus exiting the Panama market. The divestment resulted in a net gain of about $21 million, the energy and urban development player said yesterday.
Its wholly owned British subsidiary, Sembcorp Holdings, completed a sale-and-purchase agreement to divest its entire stake in Sembcorp Investments, which wholly owns Aguas de Panama. The buyer is an affiliate of Seven Seas Water Corp, a portfolio company owned by investment funds managed by Morgan Stanley Infrastructure Partners.
THE BUSINESS TIMES
China International Capital
One of the key investment banks responsible for Ant Group's initial public offering soared on its own trading debut in Shanghai.
China International Capital, a joint lead sponsor for Ant's mainland share sale, rose by as much as the regulatory limit of 44 per cent yesterday, triggering a 30-minute trading halt. The shares closed 31 per cent higher, with 128.2 million shares changing hands, more than five times the amount in Hong Kong as at the 3pm finish in Shanghai.
China International Capital's stock rose as much as 5.2 per cent in Hong Kong.
Reliance Industries chairman Mukesh Ambani, Asia's richest man, lost as much as US$5 billion (S$6.8 billion) from his net worth as the company's shares tumbled to their lowest price in more than three months following a drop in quarterly profit.
The stock of India's most valuable company fell as much as 6.8 per cent in Mumbai yesterday, slipping the most since May 12 and touching the lowest since July 20. The slide shaved down Mr Ambani's wealth to about US$73 billion, according to the Bloomberg Billionaires Index.