Sembcorp Industries unit divests 49% stake in Yancheng China Water Co

A UNIT of Sembcorp Industries has sold the 49 per cent stake it owns in Yancheng China Water Co for 260 million yuan (S$53 million).

The group will recognise a net gain of about S$30 million from the transaction, for the financial year ending Dec 31, 2016.

Yancheng China Water Co, which runs a municipal water facility in Jiangsu, China, was sold to Yancheng City Municipal Utilities Investment Company.

Sembcorp Industries had carried the asset at 116 million yuan on its balance sheet.