Sembcorp Signs Agreement to Acquire 30% Stake in Senoko Energy

Sembcorp Industries (Sembcorp) announced that its wholly-owned subsidiary, Sembcorp Utilities Pte Ltd, has signed a sale and purchase agreement with ENGIE Global Developments B.V. (ENGIE) to acquire ENGIE’s 30% interest in Senoko Energy Pte Ltd. The stake is currently held through ENGIE’s wholly-owned subsidiary, TWMB Holdings B.V.

Senoko Energy is a key electricity supplier in Singapore, playing a critical role in meeting the energy demands of various industries. This acquisition is set to complement Sembcorp’s existing portfolio of energy assets, further enhancing its capability to support Singapore’s energy transition while strengthening the country’s energy security and resilience.

The acquisition is subject to certain conditions, including regulatory approvals from the Energy Market Authority of Singapore and the preemption rights of Senoko Energy’s other shareholders. Details of the acquisition will be disclosed upon its completion, expected in the fourth quarter of 2024, with additional developments to be announced as they arise.

Sembcorp plans to finance the acquisition using internal cash resources and/or external borrowings. The acquisition is part of Sembcorp’s ordinary business operations and, if completed, is expected to be earnings accretive. However, it is not anticipated to have a material impact on Sembcorp’s net tangible assets per share for the financial year ending December 31, 2024.