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SEMBCORP Industries on Monday said its subsidiary Sembcorp Environment has agreed to divest its 40 per cent stake in SembSita Pacific to 60 per cent joint venture partner Suez Environnement Asia for A$485 million (S$488 million). This will be settled in cash.
SembSita is an investment holding entity for an integrated waste management business in Australia. This divestment will result in an expected net gain of about S$350 million for Sembcorp for FY15.
Sembcorp Industries group president and CEO Tang Kin Fei said: "Since we first invested in SembSita in 2000 with Suez, the joint venture has grown significantly and become one of the leading integrated waste management players in Australia.
"Proceeds from its sale will provide us with additional resources to invest in businesses and markets with high growth potential, in line with our focus on the energy and water sectors."
The divestment is subject to the Foreign Investment Board Review's approval in Australia, and is expected to be completed by the fourth quarter of 2015.