Sembcorp increases stake in VSIPPL

November 21, 2017 | 17:41

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Sembcorp Industries’ wholly-owned subsidiary Sembcorp Development has entered into a sale and purchase agreement that will increase its interest in Vietnam Singapore Industrial Park Pte., Ltd. from 92.9 to 96.6 per cent.

VSIP Haiphong is one of seven VSIPs in Vietnam

According to the firm's press release, the share acquisition in Vietnam Singapore Industrial Park Pte., Ltd. (VSIPPL) from a minority shareholder is expected to be completed by the end of November 2017. The total purchase consideration of $6.9 million was calculated based on the net asset value of VSIPPL as of September 30, 2017.

VSIPPL represents the Singaporean consortium which holds a 51 per cent stake in Vietnam Singapore Industrial Park Joint Venture Co., the developer of Vietnam Singapore Industrial Park projects in Vietnam.

The acquisition will be funded internally and is not expected to have a material impact on the earnings per share and net asset value per share of Sembcorp Industries for the financial year ending on December 31, 2017

Since 1996, Sembcorp has been a partner to the Vietnamese government to create integrated townships and industrial parks in the country that are complete work-live-play environments. There are seven VSIPs in Vietnam's southern, northern, and central regions.

These projects uniquely integrate industrial, commercial, and residential solutions localised to suit the demands of Vietnam's rapid urbanisation and industrialisation.

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