Sembcorp to divest stake in JV for $29.4m

Uploaded By:  Frances Gagua Submitted By:  Staff Reporter Case Study:  No The transaction will be completed by the end of the year. Sembcorp Industries, through its wholly-owned subsidiary CSE Holding, has signed a conditional agreement to divest its entire 32% stake in the joint venture company Shenzhen Chiwan Sembawang Engineering (CSE) to Chixiao Enterprise for $29.4m (RMB150m), according to a bourse filing. The consideration, net of relevant taxes, will be received in cash upon completion of the sale. Upon completion, CSE will cease to be a part of the group. read more