Sembcorp Industries in Talks for Green Hydrogen JV in India, Sabana Reit Delays EGM
Key Ideas
- Sembcorp Industries' subsidiary is discussing a joint-venture with Bharat Petroleum Corporation for green hydrogen projects in India, aiming to support the country's energy goals.
- Sabana Industrial Real Estate Investment Trust postponed its EGM to vote on internal manager directors, awaiting further submission to the Monetary Authority of Singapore.
- Sembcorp's shares closed higher following the announcement, while Sabana Reit's units closed lower before the news.
Singapore-based Sembcorp Industries revealed that its subsidiary, Sembcorp Green Hydrogen India, is in talks with Bharat Petroleum Corporation in India for a definitive joint-venture agreement. The partnership intends to focus on renewable energy and green hydrogen projects across India to facilitate the country's long-term energy transition and development objectives. The news led to a 0.2% increase in Sembcorp's shares, closing at S$5.16. Concurrently, Sabana Industrial Real Estate Investment Trust (Reit) encountered a delay in its extraordinary general meeting (EGM) related to the appointment of internal manager directors. The trustee requested a later date for the EGM, awaiting a more advanced stage of submission to the Monetary Authority of Singapore. Sabana Reit's units closed 1.4% lower at S$0.36 before the news was announced. The significant developments in both companies may influence trading of their securities in the upcoming sessions.