Singapore, January 31, 2026, 15:20 SGT — Market closed
Shares of Sembcorp Industries Ltd (U96.SI) slipped 1.6% to close at S$6.03 on Friday, giving back part of Thursday’s 3.6% gain. The drop came after shareholders approved the acquisition of Australia’s Alinta Energy at an extraordinary general meeting (EGM), held separately from the annual meeting. According to a filing, the deal secured overwhelming support, with 99.76% of votes cast in favor.
The nod clears a crucial hurdle for Sembcorp’s push into Australia with this deal, valued at A$6.5 billion (S$5.6 billion) on an enterprise value basis, which factors in debt. Slides revealed the cash buy will be supported by a fully committed A$6.5 billion bridge facility—a short-term loan that’s typically refinanced later—with no plans to raise equity.
Sembcorp noted the acquisition adds a 10.4-gigawatt pipeline of renewables plus “firming” projects—like batteries or flexible generation that stabilize power when wind or solar falters. The company expects to close the deal in the first half of 2026, pending regulatory approval and standard closing conditions. Sembcorp
Singapore’s broader market dipped on Friday, with the Straits Times Index falling 0.5% to 4,905.13. The slide mirrored losses seen on Wall Street the previous night, local media said.
Sembcorp’s business spans gas and related services, renewables, and integrated urban solutions, according to its website. Investors keep a close eye on the mix since earnings often fluctuate with power market shifts and the timing of projects.
On Thursday, Sembcorp Development announced it secured approval to build VSIP Hue, a 467-hectare industrial park in central Vietnam. The project will be developed through its Vietnam Singapore Industrial Park joint venture with Becamex IDC. CEO Lee Ark Boon highlighted the move as a boost to their footprint in Vietnam’s key growth corridors, citing strong demand from global manufacturers and supply chains.
Risks remain. The company noted the Alinta deal still needs green lights from the Foreign Investment Review Board and the Australian Competition and Consumer Commission. It also warned of higher emissions soon, since Alinta owns the Loy Yang B coal plant in Victoria. In December, Group CEO Wong Kim Yin described the acquisition as giving them “a strong position in a key developed market.” Yet, Sembcorp admitted it would fall short of its 2028 emissions-intensity and 2030 absolute-emissions targets on a pro forma basis.
Singapore’s market is closed for the weekend, so all eyes turn to Monday’s open (Feb. 2). Traders will be gauging if the buzz around deals can withstand a fresh look at funding costs and closing timelines.
Sembcorp’s FY2025 results are scheduled before trading on Feb. 25, followed by a management investor briefing webcast.
