Divestment of Interest in a Joint Venture Company
Singapore, February 29, 2016: Sembcorp Marine Ltd (the “Company”) wishes to announce that its wholly owned subsidiary, Dolphin Shipping Company Private Limited (“DSC”), has completed the sale of its entire 50% equity interest (the “Stake”) in Dolphin Workboats Pte Ltd (“DW”).
DSC has sold the Stake for a cash consideration of S$450,000 to Entraco Venture Corporation Pte Ltd, the existing shareholder of DW. The consideration was agreed between the parties on a willing-buyer willing-seller basis after taking into consideration the net equity of DW as at 31 December 2015.
The above transaction is not expected to have a material impact on the net tangible assets and earnings per share of the Company for the financial year ending 31 December 2016.
None of the directors or controlling shareholders of the Company has any interest, direct or indirect, in the above transaction.