Sembcorp sells 30% stake in innovation park developer for $138m

Its JV will hold 20% stake in the developer after disposal.

A joint venture (JV) company of Sembcorp Development, the urban business of Sembcorp Industries, has agreed to sell a 30% equity interest in Sino-Singapore (Chengdu) Innovation Park Development (SSCIP) for $138.3m (RMB691.3m), according to a press release.

The JV, Singapore-Sichuan Investment Holdings (SSIH), is selling the stake to Chengdu High-tech Investment Group. SSIH previously held a 50% stake in SSCIP, which will now be reduced to 20% following the disposal expected to end by July.

SSCIP was the master developer of the 1,000-hectare Singapore-Sichuan Hi-tech Innovation Park in Chengdu, China. The net asset value of the disposal was approximately $112.8m (RMB564m) as at 31 December 2019.

The consideration is expected to be received in cash in tranches and in full by 31 March 2021. Sembcorp Development, which owns 50% of SSIH, will record a gain of $11.5m from the disposal post-completion and maintain a 10% effective equity interest in SSCIP.

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