Approval of Business Licence for SembCorp Marine’s 30 Per Cent Equity Stake in Cosco Shipyard Group
Following our earlier announcement dated November 8, 2004, SembCorp Marine (the “Company”) is pleased to announce that the PRC regulatory authority has recently issued the business licence to Cosco Shipyard (Group) Co., Ltd (“COSCO Shipyard”) for the Sino-foreign joint venture relating to the Company’s acquisition of 30 per cent in the registered capital of COSCO Shipyard.
Details of SembCorp Marine’s Cosco Shipyard Group 30 per cent acquisition are available on the Company’s earlier press release dated July 21, 2004.
Barring unforeseen circumstances, SembCorp Marine expects a positive contribution to its earnings from the acquisition. However, this acquisition is not expected to have any material impact on the net tangible assets and earnings per share of SembCorp Marine for the year ending December 31, 2004.
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