Results of court meeting of scheme shareholders held on October 21, 2002

Singapore, Oct 21, 2002

RESULT OF COURT MEETING OF SCHEME SHAREHOLDERS HELD ON OCTOBER 21, 2002

The Board of Directors of SembCorp Industries Ltd (“SCI”) announces that at the Court Meeting of Scheme Shareholders of SembCorp Marine Ltd (“SCM”) held this morning, the Scheme Shareholders have not approved the Scheme of Arrangement to privatise SCM (the ""Scheme"") as announced by SCI on June 24, 2002. Accordingly, the Scheme will not become effective and binding and SCM will remain a 63 per cent subsidiary of SCI listed on the main board of the Singapore Exchange Securities Trading Limited.

Mr Wong Kok Siew, Deputy Chairman and CEO of SCI said: “We have put what we considered a fair price of $1.10 per share on the table and the market generally agreed it was fair. We secured 73.8 per cent of minority shareholder support at the Court Meeting but unfortunately this fell short of the required 75 per cent approval threshold. Notwithstanding the fair price, some minority shareholders preferred to keep a direct stake in SCM and voted against the privatisation. As minority shareholders of SCM, they have spoken, and we respect their decision. “

“We remain committed to Marine Engineering as a Key Business of SembCorp Industries and will continue to work with SCM’s management to grow the business globally.”


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By Order of the Board
SembCorp Industries Ltd
Linda Hoon Siew Kin
Group Company Secretary

For media and analyst enquiries, please call:               
Ms Ng Lay San
Manager
Group Corporate Relations
SembCorp Industries
Tel: (65) 6357 9150
Fax: (65) 6352 2163
Email: laysan@sembcorp.com.sg

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