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Hot stock: Sembcorp Industries gains on China expansion, completed divestment
SHARES of Sembcorp Industries rose on Thursday amid news of its expansion of its renewable energy business in China, and a completed divestment.
The stock gained nine Singapore cents, or 1.9 per cent, to S$4.81 at 9.20am.
It said on Wednesday it is expanding its renewable energy business in China through the development of a 150-megawatt wind farm in Huanghua, Hebei Province. The 1.3 billion yuan (S$0.3 billion) farm in Laoshibeihe has received approval from the Hebei Development and Reform Commission and will commence construction this year.
On Thursday, it said it has completed the sale of all of Sembcorp Bournemouth Water Investment that translated into cash proceeds of £104.5 million (S$214 million).