Disposal of interest in COSCO Shipyard Group Co., Ltd – Receipt of Approval from the Singapore Exchange Securities Trading Limited
Singapore, November 16, 2016: Sembcorp Marine Limited (the "Company", and the Company and its subsidiaries, the “Group”) refers to the announcement made on November 15, 2016 (the “Announcement”) by the Company, pursuant to which it was announced that the Company had entered into a sale and purchase agreement (the “SPA”) with China Ocean Shipping (Group) Company (“COSCO”) to dispose of its 30% equity interest (the “Disposal”) in Cosco Shipyard Group Co., Ltd (“CSG”).
All capitalized terms used and not defined herein shall have the same meanings given to them in the Announcement.
As disclosed in the Announcement, an application was made to seek approval from the Singapore Exchange Securities Trading Limited (“SGX-ST”) that the Disposal may be classified as a “disclosable transaction” under Chapter 10 of the Listing Manual and that no shareholders’ approval is therefore required for the Disposal.
The Company wishes to announce that the SGX-ST has, on November 16, 2016, advised that:
(i) the proposed Disposal is a disclosable transaction under Part VI, Chapter 10 of the Listing Manual; and
(ii) the Company is not required to seek the approval of its shareholders for the Disposal under Rule 1014(2) of the Listing Manual.
By Order of the Board
Tan Yah Sze
For a complete PDF version of this stock exchange announcement, please click here.