Establishment of Three Subsidiaries in Singapore
Sembcorp Marine Ltd (the “Company”) wishes to announce that its wholly owned subsidiary, Sembawang Shipyard Pte Ltd (“SSPL”), has signed a shareholders agreement to establish the following three subsidiaries in Singapore:
Name of company : Semb-Eco Pte. Ltd.
Principal activity : Investment holding company
Name of company : Semb-Eco R&D Pte. Ltd.
Principal activity : Research and development and holding of patents
Name of company : Semb-Eco Technology Pte. Ltd.
Principal activity : Manufacturing and commercialization of patents
SSPL will hold 55% of the equity interest in Semb-Eco Pte. Ltd. which in turn owns 100% of the equity interest in both Semb-Eco R&D Pte. Ltd. and Semb-Eco Technology Pte. Ltd.. The establishment of these three subsidiaries is to continue to co-develop, manufacture and sell green products with its strategic partner, Ecospec Global Technology Pte Ltd, to the marine, offshore and onshore industries. Such green products and systems are necessary for meeting maritime and governmental regulatory requirements. The green products include gas scrubbers for ships trading in the Emission Control Area (ECA) zone and onshore power plants, and the Ballast Water Treatment System (BWTS) which will be required by some 45,000 ships trading world-wide.
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 2014.
None of the directors or controlling shareholders of the Company has any interest, direct or indirect, in the transaction other than through their shareholdings in the Company.
Sembcorp Marine Ltd
22 September 2014
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