Sembcorp to acquire 30% stake in Senoko Energy

Singapore-based Sembcorp Industries, through its subsidiary Sembcorp Utilities Pte Ltd, has entered into an agreement to acquire a 30% stake in Senoko Energy from ENGIE Global Developments. ENGIE currently holds this stake in Senoko through its wholly owned subsidiary TWMB Holdings B.V. Senoko Energy is an electricity supplier in Singapore, playing a vital role in meeting the power demands of major industries. This acquisition will complement its existing energy assets, says Sembcorp. The deal is subject to regulatory approval and is expected to close by the fourth quarter of 2024. Sembcorp will finance the acquisition using its internal cash reserves and/or external borrowings. The company says the acquisition is expected to be accretive to its earnings without a material impact to its financial position fiscal year 2024.