Sembcorp sells Panama water business, gets S$21m net gain

SEMBCORP Industries has sold its entire stake in its water business in Panama, thus exiting the Panama market. The divestment resulted in a net gain of about S$21 million, the energy and urban development player said on Monday.

Sembcorp Industries' wholly-owned UK subsidiary, Sembcorp Holdings Ltd, completed a sale-and-purchase agreement to divest its entire stake in Sembcorp Investments Ltd, which wholly owns Aguas de Panama S.A. The buyer is an affiliate of Seven Seas Water Corporation, a portfolio company owned by investment funds managed by Morgan Stanley Infrastructure Partners.

The gross consideration for the sale of equity shares was US$47 million and the consideration for the assignment of the shareholder's loan was US$1.8 million. Aguas de Panama S.A. is a municipal water asset serving the Arraiján District in Panama under a 30-year concession that commenced in 2002. All parties took into account the remaining tenure of the concession in the sale consideration.

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