• Temasek-backed firm is working with an adviser on broad review

• Options could include taking Sembcorp private, asset sales

Sembcorp Industries Ltd. is carrying out a strategic review of its business, with various possibilities under consideration, including potentially going private or selling some assets, people with knowledge of the matter said.

Sembcorp Industries shares rose 2.4% on Monday.

The Singaporean firm, which is backed by state-owned Temasek Holdings Pte, is working with a financial adviser on the review, according to the people, who asked not to be identified because the matter is private.

Considerations are at an early stage and Sembcorp may decide not to pursue any deal, the people said.

A spokesperson for Sembcorp said the company always assesses options to enhance shareholder value, including investments, divestment, restructuring, listing and capital management. “As part of such assessments, we work with consultants from time to time, as the needs arise. The assessed options may or may not result in any form of transaction,” the spokesperson said.

Sembcorp’s businesses include wind, solar, hydro and energy storage operations in Southeast Asia, China, India, the UK and Middle East, as well as gas and diesel-fired power plants in similar geographies, urban solutions such as waste and water management, and corporate decarbonization services.

Past restructurings include Covid-hit Sembcorp Marine’s demerger in 2020. Sembcorp Industries’ chief executive officer at the time said the move would help it focus on the energy and urban sectors. Sembcorp Industries also completed divestments in Chile, China and Panama that year. In 2024, it announced the sale of Sembcorp Environment Pte for S$405 million.

Sembcorp’s shares have climbed more than 250% since the end of 2020, giving the company a market value of S$10.7 billion ($8 billion). Net income rose about 7% last year to S$1 billion, while sales slipped 5.2% to S$3.21 billion.