Merger and Dissolution of Indirect Dormant Subsidiaries
Singapore, 25 February 2020 – Sembcorp Marine Ltd (“SCM” and together with its subsidiaries, the “Group”) wishes to announce that the following SCM’s indirect wholly owned dormant subsidiaries, all organized under the laws of Texas, the United States of America, were merged under the Texas Business Organizations Code (the “Merger”):
- Sembcorp-Sabine Shipyard, Inc.
- Sabine Offshore Service, Inc.
- Sembcorp-Sabine Industries, Inc. (“SSIC”)
SSIC, which was the entity surviving the Merger, was also subsequently dissolved by way of voluntary winding up (the “Dissolution”).
The above Merger and Dissolution are a result of an ongoing business review to streamline the Group’s corporate structure for better management and efficiency. The aforesaid transactions are not expected to have a material impact on the earnings per share and net tangible assets per share of the Group for the financial year ending 31 December 2020.
None of the directors or the controlling shareholders of SCM have any interests, direct or indirect, in the above transactions other than through their shareholdings (if any) in SCM.
For the PDF version of this announcement, please click here.