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Market UpdatesSingapore SGX stocks

Sembcorp Secures $50.9M Settlement Amid Legal Resolution

Posted on October 3, 2024 at 2:24 pm (GMT+8)

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Report Date and Broker

  • Date: 3 October 2024
  • Broker: Maybank Research Pte Ltd

Settlement Update
Sembcorp’s wholly-owned subsidiary, Sembcorp Cogen, has accepted an offer to settle a claim involving Lim Oon Kuin and two other family members. The settlement amounts to US$50.9 million (SGD65.5 million).

Legal Process and Court Approval
The settlement is still subject to the formal approval of the court. Sembcorp Cogen is expected to lodge a proof of debt with the bankruptcy trustees of the Lims at the appropriate juncture.

Impact on Earnings
Given the uncertainties surrounding the recoverability of the amounts from the Lims, the settlement is not anticipated to significantly impact Sembcorp’s earnings per share (EPS) for the fiscal year 2024.

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