Amalgamation of Subsidiaries
Singapore, 3 September 2020 – Sembcorp Marine Ltd (the “Company”, and together with its subsidiaries, the “Group”) wishes to announce that Sembcorp Marine Integrated Yard Pte Ltd (“SMIY”) and Sembawang Shipyard Project Services Pte Ltd, both wholly owned subsidiaries of the Company, have amalgamated pursuant to Section 215D of the Companies Act, with SMIY as the surviving amalgamated entity (the “Amalgamation”).
The Amalgamation took effect on 1 September 2020.
The Amalgamation is a result of an ongoing business review to streamline the Group’s corporate structure for better management control and operational efficiency.
The Amalgamation is not expected to have a material impact on the net tangible assets per share and earnings per share of the Group for the current financial year ending 31 December 2020.
None of the directors or controlling shareholders of the Company have any interests, direct or indirect, in the Amalgamation other than through their shareholdings (if any) in the Company.
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