Sembcorp sells Australian waste management business for A$485m

It will book a massive $350m gain.

Sembcorp is looking to invest more in businesses in line with its focus on the energy and water sectors, as it divested its 40% stake in SembSita Pacific to its 60% joint venture partner Suez Environnement Asia.

According to a statement by Sembcorp, the proceeds from the sale will provide them with additional resources to invest in business and markets with high growth potential.

“Since we first invested in SembSita in 2000 with Suez, the joint venture has grown significantly and become one of the leading integrated waste management players in Australia," Tang Kin Fei, CEO of Sembcorp Industries said.

Meanwhile, Sembcorp said the agreement is still subject for approval at Australia's Foreign Investment Board and is expected to be completed by the fourth quarter of 2015.