Sembcorp to sell commercial construction business to Chip Eng Seng unit
Ng Ren Jye
Singapore
SEMBCORP Industries (SCI) has agreed to sell its commercial construction business to a unit of Chip Eng Seng Corp for about S$49.9 million. Under the deal, SCI will sell Sembcorp Design & Construction (SDC) to Chip Eng Seng Construction Pte Ltd. Prior to that, SCI will transfer SDC's defence-related construction business to another subsidiary, Sembcorp Specialised Construction.
The price may be adjusted based on terms of the sale, which include an interest component, the mainboard-listed companies said in separate filings on Wednesday.
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