Disposal of entire 30 per cent interest in associated company MR Tech Sdn Bhd
SembCorp Marine wishes to announce that its wholly-owned subsidiary, SES Engineering Sdn Bhd, has disposed of its entire 30 per cent interest in MR Tech Sdn Bhd (“MR Tech) comprising 30,000 ordinary shares of RM1.00 each to Awalludin Bin Ahmad for nil consideration. The consideration was determined based on the zero Net Tangible Assets value of MR Tech as at April 30, 2002.
MR Tech’s principal business activity is the fabrication of metal structures. This disposal is part of SembCorp Marine’s efforts to concentrate its resources on its core business activities of ship repair, shipbuilding, ship conversion and offshore businesses.
Following this disposal, MR Tech has ceased to be an associated company of SembCorp Marine.
This disposal has no material impact on the earnings and Net Tangible Assets value per share of SembCorp Marine.
None of the substantial shareholders or directors of SembCorp Marine has any interest, direct or indirect, in this disposal.
By Order of the Board
Lim Seh Li
Submitted by Lim Seh Li, Company Secretary on 06/05/2002 to the SGX