Sembcorp steps up shift from brown to green

Singapore

SEMBCORP Industries is stepping up the pace of growing the renewables business now that it no longer needs to conserve cash to prop up its sickly marine unit since its last September split with Sembcorp Marine.

"For awhile, we were very cautious and reluctant to invest significantly - even though we have identified sustainability and renewables as a direction - (just) so we could conserve cash in case we need to support marine. With the demerger, that condition is no longer there," said Sembcorp group president and chief executive Wong Kim Yin.