Sembcorp Industries unit forms JV with Japanese property firm
Sembcorp Infra Holdings was incorporated with an issued capital of $139,267.
Sembcorp Development, a wholly-owned urban business of Sembcorp Industries, formed a joint venture (JV) with Japanese property firm CRE Asia, a press release revealed. Sembcorp Development owns 70% of JV unit Sembcorp Infra Holdings (SIH).
SIH was incorporated in Singapore with an issued capital of $139,267 (US$100,000) and is the direct holding company of an existing entity, Sembcorp Infra Services (SIS). This follows after SIS recently increased its share capital via the issuance and allotment of new 6,836,614 ordinary shares at the issue price of $1.69 (US$1.21) per share for cash to a new joint venture partner.
Following the allotment, Sembcorp Development’s effective shareholding in SIS has reduced from 70% to 52.5%. The value of the new shares was derived taking into account the projected cash flows of SIS’s existing warehouse space in Vietnam and its growth potential.
These transactions were undertaken to facilitate the expansion of warehousing properties in Sembcorp Development’s VSIP (Vietnam Singapore Industrial Park) integrated township and industrial park in Hai Phong City, Vietnam.