SINGAPORE (March 6): About two years ago, Sembcorp Indus­tries unveiled a bold, new strategy to reduce its dependency on the oil services industry. Its key focus was to expand its utilities business (now known as the energy business), and thereby, transform itself into an integrated energy player.

This strategy — as the company hopes — would allow it to benefit from the global tran­sition towards renewable energy. At the same time, it would offset the drag by Sembcorp Marine (SembMarine), its 60.9%-owned list­ed subsidiary, which continues to be bogged down by the downturn in oil prices.

To achieve that, Sembcorp invested in several companies involved in thermal power, gas im­portation and retail as well as regas infrastruc­ture. It also invested in companies that focus on renewable energy, and water and wastewa­ter treatment. In addition, the company divest­ed some of its prior investments that were not in line with its new strategy.

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