Stock Track | Sembcorp Industries Soars 3.05% on Increased Stake in Senoko Energy

Stock Track

Jun 16

Sembcorp Industries Ltd (SGX: U96) saw its stock soar by 3.05% during intraday trading on Monday, following the announcement of a strategic acquisition that strengthens its position in the energy sector.

The company, through its wholly owned subsidiary Sembcorp Utilities, has successfully completed the acquisition of an additional 28.6% stake in Lion Power (2008) for S$72 million. This move significantly increases Sembcorp's ownership in Senoko Energy to 50%, positioning the company as a major player in Singapore's energy market.

The acquisition deal comprises a purchase price of S$69 million and a working capital adjustment of S$3 million. This strategic move is expected to enhance Sembcorp Industries' energy portfolio and potentially boost its long-term growth prospects. Investors have responded positively to this development, as reflected in the stock's upward movement.

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