Singapore, Feb 1, 2026, 15:15 SGT — The market has closed.
- Shares ended the session at S$6.03, slipping 1.6%.
- At the Jan 30 EGM, shareholders gave the green light to the proposed Alinta Energy acquisition.
- Up next: Australian regulatory approvals and FY2025 earnings on Feb 25.
Sembcorp Industries shares fell 10 cents to close at S$6.03 on Friday, slipping 1.63% after investors approved the company’s planned takeover of Alinta at an extraordinary general meeting (EGM). The stock will resume trading on Monday. (StockAnalysis)
The vote is crucial because the deal marks a major leap in scale and reach for the Singapore energy and urban solutions group. It values Alinta at an enterprise worth A$6.5 billion and would bring in roughly 1.1 million customers alongside 3.4 gigawatts of capacity. That includes the Loy Yang B brown coal plant in Victoria, Reuters reported when the deal was unveiled. (Reuters)
Sembcorp reported in an SGX filing that 99.76% of votes cast supported the proposed acquisition, while 0.24% opposed it, out of 1,213,769,615 shares represented at the meeting. The company added that completion depends on other conditions precedent, with a deadline nine months after the share sale agreement, though extensions can be agreed upon.
When the deal was announced in December, Group CEO Wong Kim Yin described it as “This acquisition gives us a strong position in a key developed market.” Alinta’s Jeff Dimery added, “Sembcorp is an ideal long-term investor in Alinta.”
A presentation for the Jan 30 meeting pegged the equity purchase consideration at A$5.6 billion (S$4.8 billion), noting the cash purchase would come from a fully committed A$6.5 billion bridge facility — a short-term debt usually refinanced down the line. The slides made clear no equity fundraising is needed. (Sembcorp)
Next up: regulatory green lights. The joint statement on the deal noted that approvals from the Foreign Investment Review Board and the Australian Competition and Consumer Commission are needed. Completion is targeted for the first half of 2026, assuming standard closing conditions are met.
Local equities slipped on Friday, with the Straits Times Index dropping 0.5% on Jan 30. Investors were reacting to the overnight sell-off on Wall Street, The Straits Times reported. (The Straits Times)
The bigger question isn’t just about timing but how the deal affects coal and climate targets. Luis Hilado, an analyst at Citi Research, called the acquisition “half-full” and “half-empty,” The Business Times reported, noting it could boost earnings per share but also hinder decarbonisation efforts. (The Business Times)
Mark your calendars: Sembcorp will release its FY2025 results on Wednesday, Feb 25, before the market opens. The company is also hosting a live webcast briefing at 11:00am Singapore time. (Sembcorp)
Traders are gearing up for updates on how the company intends to refinance the bridge facility and what leverage will look like once Alinta’s numbers are consolidated. Investors will also watch closely to see if management sticks to its previous comments on dividends and capital recycling. Any fresh information on the speed of approvals in Australia could shake the stock more than the usual earnings grind.
The next major event is Feb 25, when Sembcorp releases its FY2025 results. Investors will zero in on one key issue: the timeline and price for closing the Alinta deal.
