Sembcorp Industries sells stake in China property firm for S$68m
SEMBCORP Industries on Tuesday said its unit, Singapore Wuxi Investment Holdings (SWIH), has agreed to sell its entire 49 per cent equity interest in the capital of Wuxi Singapore Property Investment Co (WSPI) to Golden Concord and Shanghai Sunac Real Estate Development Co for 323 million yuan (S$68 million).
The sale, made fully in cash, is expected to result in a net gain for SWIH of S$13 million, and a net gain for Sembcorp of S$12 million for the financial year ending Dec 31, 2018. Sembcorp has a 92.6 per cent effective stake in SWIH through its wholly-owned subsidiary.
WSPI is a property holding company incorporated in China which holds, through its China incorporated subsidiary, a residential development in Wuxi named Hongshan Mansion, which is currently in development.
Completion of the sale is expected by the end of 2018.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Aims Apac Reit posts 10.2% lower H2 DPU on enlarged unit base
VinFast’s EV ambitions get a reality check as shares plunge 65%
Stocks to watch: FLCT, Paragon Reit, AA Reit, Lendlease Global Reit, Far East Orchard, SIA
Jefferies asks judge to remove managers of Weiss Multi-Strategy
JPMorgan sees gain of about US$8 billion from Visa exchange offer
BlackRock cuts jobs in muni business under new leadership