SHARES of Sembcorp Industries : U96 +1.5% hit an eight-year peak on Wednesday (Mar 15), as large volumes changed hands in the first half of trading day.

 

The index counter hit a record S$4.07, up S$0.07 or 1.8 per cent as at 10 am with 2.4 million securities traded. The last time the group hit such levels was in June 2015.

 

As at the midday trading break, the counter declined slightly to S$4.05, up S$0.05 or 1.3 per cent, with 3.4 million securities moved.

 

One married deal took place prior to the market open at 8.31 am, with 159,300 Sembcorp shares going for S3.995 apiece, ShareInvestor data indicated.

 

Sembcorp announced Monday that its 80 per cent-owned joint venture with Jinko Power Technology won a contract to build, own and operate a 500 megawatt solar power plant in Oman.

 

The group said the power plant, once completed, will augment its well-established presence in Oman&rsquo s power and water desalination sector. The value of the deal was not disclosed.

 

The group owns 40 per cent of the Salalah Independent Water and Power Plant, which it calls &ldquo one of the most energy-efficient power and water plants&rdquo in the Dhofar region in the Sultanate of Oman.

 

Last Friday, the group bought back 702,600 of its shares at S$3.8035 apiece by way of market acquisition.