Disposal of Entire Shareholding in Sichuan Huayang Garden City Hotel Co., Ltd

China, Dec 28, 2004

SembCorp Industries wishes to announce that its wholly owned subsidiary, Singapore Technologies Industrial Corporation Ltd, has disposed of its entire 51% shareholding in Sichuan Huayang Garden City Hotel Co., Ltd (“SHGC”) for a total consideration of RMB15 million. The consideration was arrived at on a willing buyer willing seller basis. The Net Tangible Asset of SHGC was RMB 6.4 million as at November 30, 2004 (approximately S$ 1.3 million).

Approval from the Ministry of Commerce, People’s Republic of China has been obtained on December 24, 2004 and the disposal is subject to receipt of the purchase consideration.

The disposal does not have any material impact on SembCorp Industries’ earnings per share and net tangible asset per share.  

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

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