SembCorp Industries Unwinds Its Interest In PT Bintan Lagoon Resort

Indonesia, Nov 04, 2005

SembCorp Industries would like to announce that Ernst & Young, the appointed Receiver for its associate company Bintan Lagoon Resort Limited (“BLR”), has disposed of BLR’S entire shareholding in PT Bintan Lagoon Resort (“PT BLR”).  With this, SembCorp Industries’ interest in PT BLR has now ceased.

The sale of BLR’s shares in PT BLR was conducted through a competitive tender conducted by the Receiver. Based on SCI’s share of the proceeds, this disposal will result in a write back of approximately $18 million of prior years’ provision for loans extended to PT BLR.  

Assuming that the transaction was completed on January 1, 2004, the Group’s proforma EPS after EI (restated) for FY2004 would have been 22.46 cents instead of 21.47 cents.
 
By Order of the Board
Linda Hoon Siew Kin (Ms)
Group Company Secretary 

 
Media and analysts’ contact:

Ms Lim Siew Khee
Group Corporate Relations
Tel: (65) 6723 3076
Fax: (65) 6822 3240
E-mail: lim.siewkhee@sembcorp.com.sg

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