Restructuring of Jurong Shipyard

Singapore, Nov 09, 1999

ANNOUNCEMENT

(1) PROPOSED SUB-DIVISION OF EACH ORDINARY SHARE OF $0.50 INTO FIVE ORDINARY SHARES OF $0.10 EACH
(2) PROPOSED CHANGE OF NAME TO ""SEMBCORP MARINE LTD""

Introduction

The Directors of Jurong Shipyard Limited (the "Company") are pleased to announce that the Company is proposing to undertake the following:-
(a) the sub-division of each ordinary share of $0.50 in the capital of the Company into five ordinary shares of $0.10 each; and
(b) the change of the existing name of the Company to "SembCorp Marine Ltd".

Proposed Sub-Division of each ordinary share of $0.50 into five ordinary shares of $0.10 each

The Company has obtained the approval in-principle of the Stock Exchange of Singapore Limited for the proposed sub-division of each ordinary share of $0.50 in the capital of the Company into five ordinary shares of $0.10 each (the "Sub-Division"). The Company believes that the Sub-Division will enhance the market liquidity of its Shares.

Notwithstanding the Sub-Division, the Company expects to maintain, for the current financial year ending December 31, 1999, at least the absolute quantum of dividends declared and paid in the last financial year ending December 31, 1998.

Proposed Change of the Existing Name of the Company to "SembCorp Marine Ltd"

The Company is also proposing to change its name from "Jurong Shipyard Limited" to "SembCorp Marine Ltd".

Shareholders' Approval

The Sub-Division and the proposed change of name of the Company are subject to the approval of the shareholders of the Company at an extraordinary general meeting to be convened. A circular setting out the details of the Sub-Division and the proposed change of name will be sent to shareholders in due course.

By Order of the Board
Lena Chia Yue Joo (Ms)
Company Secretary

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