Sembcorp Secures 400 Million Yuan Offshore Loan Facility
Sembcorp Energy (Shanghai), a wholly owned subsidiary of Sembcorp Industries, has inked a dual currency-denominated revolving credit facility with DBS (Hong Kong) for offshore funds totaling 400 million yuan (S$76 million).
The facility, with an initial tenure of three years and a two-year extension option, is guaranteed by Sembcorp Utilities.
Proceeds from the facility will be utilized for various purposes including refinancing, capital expenditure, working capital, equity investments, and potential mergers and acquisitions in China.
Sembcorp highlights China as a key market, emphasizing its focus on attractive opportunities in the renewables sector. The cash flow generated from its existing portfolio in China serves as the primary capital source for the group's growth plans.
The establishment of this offshore renminbi facility is seen as a means to bolster the group's capital base for future expansion initiatives.
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