Media Releases

SembCorp Marine has acquired a 35 per cent equity stake comprising 7.0 million ordinary shares of $1.00 each in PPL Shipyard Pte Ltd (PPLS). The total consideration of $14.7 million for the acquisition was calculated based on a 23 per cent premium over PPLS’ Net Tangible Assets of $1.71 per share as at June 30, 2003.

SembCorp Industries wishes to announce that Mr Chumpol NaLamlieng has stepped down as Director of the Company from July 1, 2003. Mr NaLamlieng has been serving on the Board since February 2000.

SembCorp Industries wishes to announce that it had set up a new wholly-owned subsidiary, SembCorp Financial Services Pte Ltd to serve the treasury needs of the SembCorp Industries Group.

SembCorp Industries announces that its wholly-owned subsidiary, SembCorp Parks Holdings, has on June 19, 2003 signed a Sale and Purchase Agreement with T M Tarah to sell its equity stake as well as its outstanding loans and advances in its building materials companies for about S$39 million.

The High Court of Singapore has dismissed two lawsuits filed by Transnational Recycling Industries (TRI) against SembWaste for the alleged breach of five recycling agreements with TRI.

SembCorp Industries’ divestment programme has made further progress with the sale of the Group’s entire 18 per cent effective stake in Cathay International Water (CIW). The shares were sold to CIW and Cathay International (Overseas) Holdings for a total cash consideration of US$44.8 million (S$77 million).

Resolutions Passed by Shareholders at SembCorp Industries’ Fifth AGM and EGM

We refer to our 2002 Annual Report and would like to clarify the query raised by the Singapore Exchange Limited (“SGX”) on 14 May 2003 with our answer as follows:-

Key Businesses show 33 per cent profit growth

SembCorp Environmental Management (SembEnviro), a wholly-owned subsidiary of SembCorp Industries, has launched an e-banking facility that reduces paperwork and simplifies the payment transaction process for its customers.

The Board of Directors of SembCorp Industries Ltd ("SembCorp Industries" or the "Company") wishes to announce that at the Annual General Meeting ("AGM") and Extraordinary General Meeting ("EGM") of SembCorp Industries both held earlier today, the Chairman of the meetings, with the consent of Shareholders, adjourned the respective meetings.

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