Sembcorp Industries, Chip Eng Seng:sell its commercial construction business to Chip Eng Seng
Corporation for about S$49.9 million, both mainboard-listed firms announced on Wednesday. The divestment is part of Sembcorp's strategy to unlock value and recycle capital as it repositions itself as a global energy player, the company said. Shares in Sembcorp Industries closed at S$2.13 on Tuesday, up 2.4 per cent or five Singapore cents, while Chip Eng Seng shares closed up 0.8 per cent, or 0.5 cent to 63 cents.
for an aggregate consideration of S$500,000, it announced on Tuesday night. The deal was made via Tai Sin unit Lim Kim Hai Electric Co . The consideration is funded from LKHE's internal resources. Tai Sin Electric shares closed flat at 34 Singapore cents on Tuesday.
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