Acquisition of Entire Shareholding in Sinna Services Pte Ltd
The Board of Directors of SembCorp Marine Ltd (.SembCorp Marine.) wishes to announce that its subsidiary, Karimun Shiprepair & Engineering Pte Ltd (.Karimun Shiprepair.) has acquired from Mr Ong Poh Kwee and PT Libra Citramaju one ordinary share each at par value of S$1.00 in the capital of Sinna Services Pte Ltd (.Sinna Services.).
Mr Ong Poh Kwee is a director of Sinna Services and has been holding in trust the one ordinary share of par value of S$1.00 in the capital of Sinna Services since December 1997. The principal activities of Sinna Services are shiprepairing, offshore and marine-related engineering services.
Karimun Shiprepair is a wholly-owned subsidiary of SembCorp Marine. The consideration for the acquisitions was S$1.00 based on Sinna Services. Net Tangible Assets (.NTA.) value of S$318,640 as at December 31, 2002 on a willing buyer, willing seller basis and was paid fully in cash. Following the acquisitions, Sinna Services is now a wholly-owned subsidiary of SembCorp Marine.
The acquisitions have no material impact on the earnings and NTA per share of SembCorp Marine.
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