Sembcorp sold medical waste treatment operations for $20m

The new owner is a joint venture between TEE Infrastructure and Asia Enviro Services.

Sembcorp Industries' (Sembcorp) subsidiary Sembcorp Environment sold the assets and businesses of its medical waste division to TEE Medical Services for $20m.

According to an announcement, Sembcorp’s medical waste division specialises in the treatment and disposal of biohazardous and pharmaceutical waste and its new owner TEE Medical Services is a 50-50 joint venture between TEE Infrastructure and Asia Enviro Services.

Sembcorp group president and CEO Neil McGregor commented, “This divestment is in line with our strategic efforts to improve the Group’s performance and strengthen our balance sheet. This includes sharpening our attention to the divestment of peripheral utilities assets to recycle capital and unlock value.”

The sale is expected to be completed by mid-2018, subject to the novation of key customer contracts as well approvals on permits and licences to be issued by relevant government agencies.

Sembcorp was hit by the poor performance of its marine segment as its profits for Q1 plunged 34.1% from $116.3m last year to $76.65m. Its utilities segment was the biggest contributor to profits, however, its improved performance was not enough to offset the weak performance of the other two segments.

Reaching the people who run Asia's businesses is harder than it used to be.

Inboxes are crowded. Attention is short. The executives you most want to reach — the founders, CFOs, and operators who actually move budgets — are the hardest to find through the usual channels. If you're building a company, a category, or a reputation, you already know this.

We've spent twenty years building the room they read. Singapore Business Review is where senior decision makers in Singapore and across Southeast Asia come for business coverage they can't get elsewhere — in print, online, and in person at the summits and roundtables we host across seven markets.

If you have something these readers should know about — a point of view worth publishing, a product worth their attention, an event worth their time — we'd like to hear what you're trying to do.

Book a meeting

| Or download the media kit (PDF)

240,000 senior readers quarterly in print Top 1,700 Singapore companies reached

7 markets across Southeast Asia