Disposal of entire interests in an Associated Company, Jurong Technologies Industrial Corporation Limited
As part of SembCorp Marine Ltd’s (SCM) plans to divest its non-core activities and to remain focused on its marine activities of ship repair, shipbuilding, ship conversion and offshore businesses, the Board of Directors of SCM wishes to announce:
SCM has disposed of its entire 25.49 per cent interest in Jurong Technologies Industrial Corporation Limited (JTIC) comprising 100.35 million ordinary shares of 10 cents each at 29 cents per share. The net proceeds of the divestment is $27.98 million and will be fully paid in cash. Following the divestment, JTIC ceases to be an associated company of SCM.
Financial Effects of the Transaction
The carrying value of JTIC shares at SCM level is $16.41 million. The gain from the divestment of JTIC shares is $11.57 million. Had the divestment taken effect on January 1, 2001 SCM’s earnings per share and net tangible asset per share would have increased by 0.7 cents.
None of the Directors has any interest, direct or indirect, in this transaction.
Submitted by Lim Seh Li, Company Secretary on 18/02/2002 to the SGX