Sembcorp sells Panama water business, gets S$21m net gain

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SEMBCORP Industries has sold its entire stake in its water business in Panama, thus exiting the Panama market. The divestment resulted in a net gain of about S$21 million, the energy and urban development player said on Monday. Read more at The Business Times.

SEMBCORP Industries has sold its entire stake in its water business in Panama, thus exiting the Panama market. The divestment resulted in a net gain of about S$21 million, the energy and urban development player said on Monday.

Sembcorp Industries' wholly-owned UK subsidiary, Sembcorp Holdings Ltd, completed a sale-and-purchase agreement to divest its entire stake in Sembcorp Investments Ltd, which wholly owns Aguas de Panama S.A. The buyer is an affiliate of Seven Seas Water Corporation, a portfolio company owned by investment funds managed by Morgan Stanley Infrastructure Partners.

The gross consideration for the sale of equity shares was US$47 million and the consideration for the assignment of the shareholder's loan was US$1.8 million. Aguas de Panama S.A. is a municipal water asset serving the Arraiján District in Panama under a 30-year concession that commenced in 2002. All parties took into account the remaining tenure of the concession in the sale consideration.

 

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