SINGAPORE - Shares of Sembcorp Industries hit an eight-year high on Wednesday, after the group said there is no definitive deal to sell its waste management unit.

The company’s shares reached a high of $4.73 as at 9.18am on Wednesday, up 3.1 per cent or 14 cents. The last time the counter closed near this level was on April 22, 2015.

By 2.28pm, shares of Sembcorp were trading 0.9 per cent, or 4 cents, higher at $4.63. The counter closed at $4.66, up 1.5 per cent or 7 cents, after 4.7 million shares changed hands.

No married deals took place in early trade, according to ShareInvestor data.

In a bourse filing on Wednesday, the group said it has not entered into a definitive transaction for any potential sale with a party, adding that there is no certainty that any such transaction will materialise.

Sembcorp added that it “regularly reviews its portfolio from time to time to ensure strategic fit and maximise shareholder value”, and will make an appropriate announcement in the event of any material development.

The announcement was in response to a Reuters article which named KKR, Macquarie Asset Management and I Squared Capital as potential bidders for Sembcorp’s waste and recycling management unit SembWaste.

Citing sources with knowledge of the matter, Reuters on Tuesday reported that HSBC was hired to run the sale of the unit, with the first round of non-binding bids expected by early June.

“Shareholders of Sembcorp are advised to exercise caution in their review of any media reports relating to portfolio actions being taken by Sembcorp ahead of any definitive announcements being made by Sembcorp in relation to the same,” said the group in its response. THE BUSINESS TIMES