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Sembcorp Industries sells stake in Omani utilities developer for 984,740 Omani rial

A SUBSIDIARY of Sembcorp Industries has agreed to sell its stake in Omani utilities developer Centralised Utilities Company to Oman Oil's Facilities Development Company for 984,740 Omani rial (S$3.38 million).

With the sale, Sembcorp Utilities (Oman) will also end its joint venture with Takamul Investment Company.

Legal completion of the sale and transfer is expected to take place within 30 days, Sembcorp said in a filing with the Singapore Exchange after the market closed on Monday.

Centralised Utilities is an Omani entity set up as the utilities developer for the Duqm Special Economic Zone.

Sembcorp shares finished S$0.10 or 3.2 per cent lower at S$3.02 on Monday.