Sembcorp unit announces end of water concession in Batam
Add BT as a preferred sourceSEMBCORP Industries on Monday said a 25-year concession which allows its partially-owned company to supply potable water to residential and non-residential customers in Batam has lapsed.
The concession granted to private water company Adhya Tirta Batam (ATB) by the Batam local government in 1995 expired on Nov 14, 2020. Sembcorp Utilities Netherlands NV has a 50 per cent stake in ATB.
Accordingly, ATB has transferred and handed over certain assets to the local government entity, now known as BP Batam. ATB's right or obligation to manage and operate the said assets in Batam has ceased.
In a regulatory filing on Monday, Sembcorp noted that the end of the concession in Batam is not expected to have any material impact on its earnings per share and net asset value per share for the financial year ending Dec 31, 2020.
Shares of Sembcorp Industries closed at S$1.69 on Friday, up S$0.03 or 1.8 per cent.
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