SembCorp Marine Acquires an Additional 50% Stake in Jurong Marine Services Pte Ltd
The Board of Directors of SembCorp Marine Ltd (the “Company”) wishes to announce that it has acquired an additional 50 per cent equity stake in Jurong Marine Services Pte Ltd (“JMS”) from SembCorp Logistics Ltd (SembLog) for a total cash consideration of S$1,660,000. The consideration is based on the valuation of the net tangible assets of JMS and on a willing buyer and willing seller basis. The acquisition will be funded from the Company’s own internal resources.
JMS is a 50-50 joint venture company between SembLog and the Company. JMS provides harbour tug services to port users and shipyards, including tug services to the SembCorp Marine Group of shipyards. The acquisition will enable the Company to take full control of JMS to better service the SembCorp Marine Group of shipyards as well as expanding its towage services to the local and international market.
With the completion of the acquisition, JMS becomes a wholly owned subsidiary of SembCorp Marine. The acquisition has no material impact on the earnings and Net Tangible Assets per share of SembCorp Marine for the financial year ending 31 December 2006. None of the Directors has any interest, direct or indirect, in this transaction.
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