Sembcorp unit completes sale of 60% stake in gas manufacturer

SEMBCORP Industries' wholly-owned entity Sembcorp Utilities has completed the divestment of its 60 per cent stake in Sembcorp Air Products (SembAP) to Eastman Chemical Singapore for about S$4 million.

In addition, the group has transferred its propylene purification plant on Jurong Island to Eastman for S$5.7 million, it said in a release to the Singapore Exchange on Friday morning.

SembAP manufactures hydrogen, carbon monoxide and synthesis gas on Jurong Island, and holds a 50 per cent stake in Sakra Island Carbon Dioxide.

Following the divestment, SembAP and Sakra Island Carbon Dioxide are no longer part of the group.