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Sembcorp unit completes divestment of stake in Zhumadian China Water
SEMBCORP Industries said on Monday its wholly owned entity, China Water Company (Zhumadian), has completed the divestment of its entire 51 per cent stake in Zhumadian China Water Co to Beijing Enfei Environmental Protection Co for 90 million yuan (S$20 million).
Zhumadian China Water runs a municipal water facility in Henan.
The consideration for the sale was decided based on fair value of the asset, said Sembcorp.
Following the divestment, Zhumadian China Water has ceased to be part of the group.
The transaction is not expected to have a material impact on the earnings per share and net asset value per share of the group for the financial year ending Dec 31, 2015.