SG Morning Highlights | Sembcorp Bags 440 MW Wind-Solar Power Project in India

Singapore shares opened lower on Monday. The $FTSE Singapore Straits Time Index (.STI.SG)$ dropped 0.07 percent to 3,144.79 as at 9.08 am.

$Sembcorp Ind (U96.SG)$: Sembcorp Industries, through its wholly-owned renewables subsidiary, has been awarded a 440-megawatt (MW) wind-solar hybrid power project by state-owned power producer SJVN in India. The project is part of a 1.5-gigawatt bid and will be built, owned, and operated by Sembcorp. Power generated from the project will be sold to SJVN under a 25-year power purchase agreement. Sembcorp expects the project to be commercially operational within 24 months of signing the agreement and will fund the project through a mix of internal funds and debt. The project will not have a material impact on Sembcorp's earnings per share and net tangible assets per share for the financial year ending December 31, 2024.

$Japfa (UD2.SG)$: JAPFA has declined to comment on speculation that the company's owners are considering taking the mainboard-listed agri-food company private. A Bloomberg article reported that talks have begun for a loan to back the move. The board stated that it does not consider it appropriate to comment on matters that are not actions of the company or the board. The family of key shareholders, Renaldo Santosa, regularly assesses various proposals, including those similar to what is currently being reported, but there is no certainty that any definitive agreement or transaction will materialise. JAPFA is the second-largest poultry maker in Indonesia.