Media Releases

SembCorp Industries announces that it is expected to sell 1,649,312 ordinary shares in its Nasdaq-listed subsidiary, Pacific Internet, at US$51.4375 per share. The sale will result in net proceeds of approximately S$138.7 million which will be received on May 26, 1999.

SembCorp Industries announces that it is expected to sell 1,649,312 ordinary shares in its Nasdaq-listed subsidiary, Pacific Internet, at US$51.4375 per share. The sale will result in net proceeds of approximately S$138.7 million which will be received on May 26, 1999.

The Company wishes to announce that it has entered into a Sale and Purchase Agreement ("the Agreement") with SembCorp Logistics Limited to acquire the entire issued share capital of SML Shipyard Pte Ltd ("SMLS"), comprising 11,273,815 ordinary shares of S$1.00 each, for an aggregate consideration of S$12 million ("Consideration")

PT Alam Indah Bintan, owner of Nirwana Gardens, will assume full management of its two Bintan properties, Sol Elite Bintan and the Sol Mayang Sari from leading European hotel management group, Sol Melia, as of July 1, 1999.

Japan-based Sanyo Precision will officially open its wholly owned production facility in the Batamindo Industrial Park (BIP), Batam, on May 17, 1999. Sanyo Precision's BIP factory will produce micro direct current (DC) motors for use in electrical appliances such as floppy disk drives, CD-ROMs and printer motors.

SembCorp Industries wishes to announce that it has, through its wholly-owned subsidiary, Sembawang Industrial, disposed its entire shareholding of 57,984,217 shares in First Capital Corporation (FCC) at a gross consideration of $2.58 per share, resulting in total proceeds of $149,599,279.

The respective Boards of Directors of Sembawang Resources Limited ("SRL") and SembCorp Industries Ltd ("SembCorp") (together the "Companies") wish to announce a proposed scheme of arrangement (the "Scheme") to reorganise the share capital of SRL for the purpose of the privatisation of SRL.

Following the latest Solitaire arbitration hearing in September 1998, the Tribunal has recently indicated that it has not reached a final decision on the issue of termination. Further evidence will have to be given to the Tribunal and a final decision on the issue of termination will only be known after the conclusion of the next hearing on termination which is expected to start around September 2000.

Sembawang Marine & Offshore Engineering, the Oil & Gas division of SembCorp Engineering (SembENG), has recently secured a multi-million U.S. dollar contract for the fabrication of onshore pre-assembled units for a downstream heavy oil upgrading facility located in Jose, Venezuela. The exact value of the contract was not disclosed by mutual agreement between the parties involved.

Jurong Shipyard Limited (JSL) is pleased to announce the successful conversion and delivery of Floating, Storage and Offloading unit (F.S.O.) ""Benchamas Explorer"" to its Owners, Empress Maritime S.A. The conversion project was managed by Tanker Pacific Offshore Terminals (Pte) Ltd. Upon delivery to Owners, the F.S.O. will be managed by Tanker Pacific Management Singapore (Pte) Ltd and will be on long-term charter to the Concessionaires for Block B8/32 in the Gulf of Thailand, who include among others, a subsidiary of Pogo Producing Company based in Houston, United States of America and Chevron Corporation, based in San Ramon, United States of America.

SembCorp Industries' FY1998 Financial Results Presentation & Masnet

back to top