Sembcorp Industries receives South African court ruling on subsidiary sale

The appeal judgment affirmed that the share purchase agreement is valid and enforceable.

Sembcorp Industries (Sembcorp) has announced that the Supreme Court of Appeal of South Africa has delivered its judgment regarding ongoing proceedings tied to the sale of Sembcorp Utilities (Netherlands) N.V.'s 100% stake in Sembcorp Utilities South Africa and its effective 100% stake in Sembcorp Silulumanzi (RF) (Pty) Ltd.

The stakes were sold to South African Water Works Pty Ltd under a share purchase agreement.

The appeal judgment, issued on 5 December, affirmed that the share purchase agreement is valid and enforceable, resolving a key aspect of the proceedings.

Whilst the judgment is final, there remains the possibility of an application for leave to appeal to South Africa's Constitutional Court.

Sembcorp said that the ruling is not expected to materially affect its earnings per share or net tangible assets per share for the financial year ending 31 December 2024.

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