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Sembcorp Industries' Myanmar subsidiary unharmed by foreign law repayment halt

Its power plant continues to run whilst employees are safe.

Sembcorp Industries declared that its subsidiary in Myanmar has not received a directive to stop repayment of its foreign loans amidst news reports on Myanmar central bank’s suspension of repayment of foreign denominated loans.

In a company announcement, Sembcorp said its power plant there is still operating whilst employees are safe.

READ MORE: Sembcorp expects ‘materially higher’ financial results in 1H22

“Payments from its offtaker have also been promptly received, in accordance with its contract,” it added.

As of 30 June 2022, the net book value of the power plant was $135m (US$97m) and $292m ($209m) of the project’s loan remains outstanding.

Nevertheless, Sembcorp said it will monitor the situation and alert the public on developments of its operations in Myanmar.

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