(1) Acquisition Of Additional Interest In Atlantis Shipyard Pte Ltd (2) Change Of Name From Atlantis Shipyard Pte Ltd To Jurong SML Pte Ltd
The Board of Directors of SembCorp Marine Ltd (“SembCorp Marine”) wishes to announce that :
1. SembCorp Marine has acquired the remaining 15 per cent equity stake in Atlantis Shipyard Pte Ltd (“Atlantis Shipyard”) comprising 6 million ordinary shares of $1 each from Singapore Technologies Marine Ltd. The total consideration of $3.3 million for the acquisition was calculated based on Atlantis Shipyard’s Net Tangible Assets value of $22.0 million as at September 30, 2001. The transaction was entered into on a willing buyer, willing seller basis and paid in cash from internal resources. With the completion of its acquisition, Atlantis Shipyard has become a wholly owned subsidiary of SembCorp Marine.
2. The following changes will be made in order to streamline and centralise the shipyard operations of its wholly owned subsidiaries, Atlantis Shipyard and SML Shipyard Pte Ltd (“SML Shipyard”):
(i) SML Shipyard’s current operations of mid-sized vessel ship repair, including afloat and anchorage repairs, will be fully merged with Atlantis Shipyard’s operations;
(ii) Atlantis Shipyard’s name will be changed to Jurong SML Pte Ltd to reflect the new organisation structure of the merged entity;
(iii) Jurong SML Pte Ltd will operate as a mid-sized shipyard specialising in the repair of small and medium-sized vessels, including afloat and anchorage repairs and the construction of mid-sized vessels at its two locations in Singapore – 57/59 Shipyard Road and 43 Tuas Road in the Jurong Industrial Estate.
This acquisition has no material impact on the earnings and NTA per share of SembCorp Marine. None of the Directors has any interest, direct or indirect, in this transaction.
For media & investor enquiries, please contact:
Ms Judy Han
Investor Relations & Communications
Tel No : 6262 7203 Fax : 6261 0738 E-mail : firstname.lastname@example.org
Submitted by Lim Seh Li, Company Secretary on 25/03/2002 to the SGX