Sembcorp fetched a whopping $117m from Salalah listing

It's higher than analyst's forecast.

According to DBS, Sembcorp Industries is set to book gain of S$117m this year from divestment and revaluation.

Here's more:

The gain is higher than our S$109m estimate and comprises S$37m divestment gain from the sale of its 20% equity interest and a revaluation gain of S$80m for SCI’s remaining 40% equity interest in SCI Salalah.

We believe the variance could be due to higher projection on cost of asset value on our end and possibly forex differences.

This divestment would boost SCI’s FY13 PATMI to S$864.8m. Stripping out these exceptional items, FY13 core profits would be S$772.8m versus S$753.3m in FY12.

The impact on SCI’s balance sheet is moderate as the divestment of its 20% stake would be offset by revaluation of the remaining 40% stake.

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