Singapore-based Sembcorp Industries said on Friday (Nov 8) it will sell its unit Sembcorp Environment to a unit of Indonesian energy company TBS Energi Utama for S$405 million (US$306.6 million).
The deal comes just over a year after the Indonesian firm acquired Asia Medical Enviro Services from Dymon Asia Private Equity in August 2023.
Sembcorp said in a statement that TBS Energi Utama will retain management and staff of the waste management company following the completion of the transaction to ensure continuity.
The deal aligns with the firm’s 2024-2028 strategic plan to accelerate its renewables growth and drive energy transition as announced in November 2023, and proceeds from the sale will be channelled towards the same, Sembcorp said in its statement.
The proposed transaction is expected to be completed by the first half of 2025.
