EMA clears Sembcorp’s acquisition of 30% stake in Senoko Energy
Acquisition awaits conditions, including Senoko shareholders' pre-emption rights.
The Energy Market Authority of Singapore (EMA) had no objections to Sembcorp Industries’ proposed acquisition of a 30% stake in Senoko.
Under the proposed deal, Sembcorp, through its wholly-owned subsidiary, Sembcorp Utilities, will acquire the 30% stake in Senoko Energy from WMB Holdings B.V., a wholly-owned subsidiary of ENGIE Global Developments B.V. (ENGIE).
The acquisition is still subject to conditions precedent, including the pre-emption rights of the other shareholders of Senoko Energy.
Sembcorp plans to fund the acquisition through internal cash resources and/or external borrowings.