Sembcorp Industries (SGX:U96) entered into a sale and purchase agreement with KPIC Netherlands, Kyuden International and Japan Bank of International Cooperation (JBIC) to acquire up to 57.1% interest in Lion Power.
Lion Power has a 70% stake in Senoko Energy and is owned by a joint venture that includes Marubeni Corp. (TYO:8002), KPIC Netherlands, Kyuden International and JBIC, according to a filing with the Singapore Exchange on Wednesday.
The maximum purchase consideration for the proposed acquisition is SG$144 million and will be completed in the second quarter of the year.
Shares of the company were up over 1% in recent trading.
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