Sembcorp Industries unit ups stake in Vietnam-Singapore industrial park developer

SEMBCORP Industries has raised its stake in the Singapore consortium holding a controlling stake in the developer of Vietnam-Singapore Industrial Park projects.

The group, through its wholly owned subsidiary Sembcorp Development, has entered into a sale and purchase agreement to buy an additional 3.7 per cent equity interest in Vietnam Singapore Industrial Park Pte Ltd (VSIPPL) for US$6.9 million. This brings its total stake in VSIPPL to 96.6 per cent.

VSIPPL represents the Singapore consortium which holds a 51 per cent stake in the developer of the Vietnam-Singapore industrial park projects, known as Vietnam Singapore Industrial Park Joint Venture Co.

The acquisition of the shares from a minority shareholder is expected to be completed by the end of November this year, and will be funded internally. It is not expected to have a material impact on the earnings and net asset value per share of Sembcorp Industries for the current financial year.