SINGAPORE (June 30): Sembcorp Industries (Sembcorp)‘s wholly-owned subsidiary SembWaste, announced the completion of its acquisition.
The acquisition will see Sembcorp own a 100% equity interest in Veolia ES Singapore (VESS), and the public cleaning business of Veolia ES Singapore Industrial (VESSI) for $19.2 million.
The amount will be fully paid for in cash.
The amount was arrived at after taking into account VESS and VESSI’s earnings, book value, and values of their existing contracts.
Previously, the amount under the sale and purchase agreement was set at $28 million.
See: Sembcorp acquires Veolia's public cleaning business for $28 mil
Shares in Sembcorp Industries closed 7 cents lower, or 3.8% down, at $1.75.
