Sembcorp Industries, on Aug 2, announced that it will record an impairment of $212 million for its 49%-owned joint venture (JV) Chongqing Songzao Sembcorp Electric Power Co in its 1HFY2021 financial statements.

Chongqing Songzao operates a 1,320MW mine-mouth coal-fired power plant in Chongqing, China with coal taken from its JV partner Chongqing Energy Investment Group’s coal mines.

Following a government directive for coal mines in Chongqing to re-evaluate its coal mine operations, Chongqing Energy has had to close its Chongqing-based coal mines since January.

To continue reading,

Sign in to access this Premium article.

Subscription entitlements:

Less than $9 per month
3 Simultaneous logins across all devices
Unlimited access to latest and premium articles
Bonus unlimited access to online articles and virtual newspaper on The Edge Malaysia (single login)

Related Stories

Stay updated with Singapore corporate news stories for FREE

Follow our Telegram | Facebook