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SEMBCORP Development, a unit of Singapore's Sembcorp Industries, on Tuesday said that its joint venture, Vietnam Singapore Industrial Park and Township Development Joint Stock Company (VSIP JSC), has signed an agreement to buy an industrial park in northern Vietnam.
The agreement was signed with Phuc Hung Co for the Cam Dien-Luong Dien Industrial Park.
VSIP JSC has also been granted the investment licence for the site, which has been renamed VSIP Hai Duong.
The site provides access to 110 hectares of industrial land for immediate sale. The 150-hectare gross land area will undergo further improvement and infrastructure works for delivery to customers by the end of the year.
VSIP Hai Duong is located between VSIP's two other projects in northern Vietnam. With the latest acquisition, VSIP has six projects in Vietnam.
VSIP JSC will also incorporate a subsidiary to undertake the project. The total investment will be funded partly by equity of US$11 million from VSIP JSC and partly by external borrowings.
Sembcorp effectively holds 45.16 per cent in VSIP JSC.
The above investment will not impact Sembcorp's earnings per share and net asset per share materially for the financial year ending Dec 31, 2015.