A One-off Gain of $25.7 Million from Sale of Quoted Investment in Cosco Corporation (Singapore) Ltd
Singapore, November 15, 2006: The Board of Directors of SembCorp Marine (the “Company”) wishes to announce that its wholly-owned subsidiary, SembMarine
Investment Pte Ltd has sold 30,000,000 ordinary shares in Cosco Corporation (Singapore) Ltd (“Cosco”) at $2.00 per share.
On completion of the sale, the SembCorp Marine Group still holds 150,400,000 Cosco shares which represent 6.8% of the share capital of Cosco.
The sale will result in a gain of approximately $25.7 million. The net proceeds will be treated as a one-off gain from the sale of its quoted investment in Cosco and will be taken in the financial year ending December 31, 2006.
Assuming that the transaction was completed on January 1, 2005, SembCorp Marine’s proforma earnings per share for FY 2005 would have increased from 8.45 cents to 9.88 cents and net tangible assets per share would have correspondingly increased from 73.22 cents to 74.63 cents.
None of the Directors and substantial shareholders of the Company has any interest, direct or indirect, in the transaction.
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