Sembcorp sells commercial construction business for $49.9m

It will transfer its stake in its defence construction business to another subsidiary.

Sembcorp Industries (Sembcorp) sells its commercial construction subsidiary, Sembcorp Design & Construction (SDC) to Chip Eng Seng Construction, a subsidiary of Chip Eng Seng Corporation (CES) for a gross amount of $49.9m, the company announces.

Sembcorp will retain SDC’s defence-related construction business by transferring its stake to Sembcorp Specialised Construction (SSC), another subsidiary of the Group. The divestment is in line with the Group’s goal to reposition itself as a global integrated energy player.

The sale agreement is set to be completed by the end of 2019.

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