Shares of Sembcorp Industries (SCIL.SI), a rig-building and engineering conglomerate, rose over 2% on Thursday after it said it was considering building water treatment plants as well as a large commercial, residential and industrial zone in eastern China.
At 10:45 a.m., Sembcorp Industries shares were traded at $5.44 with over 3.7 million shares changing hands.
One of its units, Sembcorp Utilities, has signed a letter of intent with China's Jinan Quancheng Water to explore the formation of a joint venture to build, own and operate water treatment plants in the east of Jinan City, the capital of China's Shandong province.
“The water venture is positive for the company as it is diversifying its business from the Middle East to China, where waste water treatment is a big thing for the government now,” said a local trader.
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