25 Aug 2006

SembCorp Marine Completes Acquisitions of 110,400,000 Cosco Corporation Shares, SMOE and SemBeth

SembCorp Marine (the “Company”) is pleased to announce that at the Extraordinary General Meeting held on 23 August, 2006, shareholders unanimously voted in support of the Company’sacquisitions of :

  1. The entire equity interest comprising 110,400,000 shares in Cosco Corporation (Singapore) Limited from Seletar Investments Pte Ltd, a wholly owned subsidiary of Temasek Holdings (Private) Limited for S$120.336 million at S$1.09 per share
  2. The acquisition of the entire equity interest in SMOE Pte Ltd (SMOE) from SembCorp Utilities Pte Ltd for S$55 million and
  3. The acquisition of Sembawang Corporation Limited’s entire equity interest in Sembawang Bethlehem Pte Ltd (SemBeth) for S$128.73 million, comprising a cash consideration of approximately S$11.75 million and the assumption of a net loan amount of approximately S$116.98 million owed by SemBeth to SembCorp Financial Services Pte Ltd

The Company also wishes to announce the following:

  1. The incorporation of two wholly-owned subsidiaries, SCM Investment Holdings Pte Ltd and SembMarine Investment Pte Ltd. As the Investment Holding companies of SembCorp Marine, these two companies shall hold the 110,400,000 shares of Cosco Corporation (Singapore) Limited with effect from 30 August 2006
  2. SMOE Pte Ltd and Sembawang Bethlehem Pte Ltd (SemBeth) shall with effect from 25 August 2006 become wholly-owned subsidiaries of the SembCorp Marine Group

For media & analysts enquiries, please contact:

Judy Han (Ms)
Senior Vice President
Investor Relations & Communications
Tel No : (65) 6262 7203
Fax No : (65) 6261 0738
Email : judy@sembcorpmarine.com.sg