Sembcorp Industries says it expects to incur losses for the FY2020 in its profit guidance released on Dec 7.

The losses are primarily attributable to the non-cash, non-recurring loss of some $1.12 billion following the completion of the distribution in specie of ordinary shares in the capital of Sembcorp Marine (SembMarine) on Sept 11, 2020.

The loss resulted from the fair value of $1.60 billion being lower than the carrying amount of SembMarine’s $2.72 billion as at June 30, 3030.

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