Indonesia's TBS Energi operates a waste management portfolio in Singapore.

Sembcorp Industries has sold its wholly-owned subsidiary, Sembcorp Environment (SembEnviro), for S$405m.

It sold SembEnviro to  SBT Investment 2, a wholly-owned subsidiary of the Indonesian Stock Exchange-listed TBS Energi Utama Tbk (TBS).

SembEnviro's sale price reflects a 43% premium over its book and net asset value as of 30 June.

TBS operates a waste management portfolio in Singapore and Indonesia, with its subsidiary Asia Medical Enviro Services focused on biohazardous and medical waste treatment in Singapore.

The parties expect to complete the transaction by the first half of 2025.