Sembcorp is increasing its stake in the Andhra Pradesh coal-fired power plant project, Sembcorp Gayatri Power, from 49 per cent to 88 per cent.
This will be achieved via a 650 crore (S$134 million) share purchase from NCC Infrastructure Holdings (NCCIHL) in two tranches and the conversion of fully and compulsory convertible debentures fully owned by Sembcorp to shares.
The remaining 12 per cent of shares will be held by Gayatri Energy Ventures through NCCIHL. The transaction is expected to be completed in the second quarter of this year.
The share purchase will be financed by a mix of internal funds and borrowings.
Investment holding firm Ipco International has posted a third-quarter net profit of $6.07 million, up from $1.46 million for the same period a year earlier.
Revenue in the three months to Jan 31 surged 42.7 per cent to $14.78 million, year on year.
Ipco, which has been linked to companies involved in 2013's penny stock crash, said the higher turnover came from two of its subsidiaries in a semiconductor manufacturer and a natural gas supplier.
Earnings per share was 0.22 cents, up from 0.05 cents a year earlier.
Net asset value per share was two cents as at Jan 31, unchanged from April 30 last year.
Semiconductor firm Sunright has posted a first-half net profit of $1.8 million, up by 3 per cent from the same period a year ago.
Revenue in the six months ended Jan 31 was $64.3 million, down 9 per cent from a year ago.
The lower revenue was due to lower sales and the translation effect of a weakened Malaysian ringgit against the Singapore dollar, which affected revenue in the burn-in, testing and electronic manufacturing services segment.
Earnings per share was 1.47 cents, up from 1.43 cents a year ago.
Net asset value per share was 58.4 cents as at Jan 31, down from 58.8 cents as at July 31.