Sembcorp Industries’ shareholders have overwhelmingly approved the company’s $6.5 billion acquisition of Alinta Energy. At an extraordinary general meeting held last Friday in Singapore, the deal received a resounding endorsement, with 99.76 per cent of voting shareholders giving it the green light.
The acquisition, which was initially unveiled in December, is poised to significantly increase the funds Alinta Energy can allocate to energy transition projects. Sembcorp Industries is a leading energy and urban development player, dedicated to providing sustainable solutions. The company delivers essential services and products to businesses and communities, contributing to a greener and more sustainable future.
While this shareholder approval marks a significant step forward, the completion of the acquisition remains contingent upon meeting other regulatory conditions. Once finalised, the deal will result in Sembcorp taking ownership of the 1200-megawatt Loy Yang B coal power station, situated in Victoria’s Latrobe Valley.
Sembcorp is almost half-owned by the Singaporean government through Temasek Holdings. The acquisition represents a major strategic move for Sembcorp, expanding its presence in the Australian energy market and its involvement in the country’s energy transition.
