Further Announcement In Relation To The Acquisition Of Equity Stake In Mauà Jurong S.A., Brazil

Dec 07, 2001

Jurong Shipyard Pte Ltd (JSPL), a wholly-owned subsidiary of SembCorp Marine, has finalized its investment of an acquisition stake in Mauà Jurong S.A., Brazil.

Under a joint-venture agreement dated August 22, 2001, JSPL assumed a 35 per cent stake in the joint venture company, Jurong Shipyard Inc (JSI), with the remaining 65 per cent held by the Synergy Group.

Jurong Shipyard Inc. is an offshore company registered in the Bahamas. It currently holds 99.93 per cent of the issued capital of Mauà Jurong S.A., Brazil with the remaining 0.07 per cent held by the Mauà Group. The change in shareholding percentage held in Mauà Jurong S.A., Brazil is due mainly to the change in the capital structure of Mauà Jurong S.A., Brazil.

The US$8.75 million (approximately S$16.0 million) investment was paid by JSPL using its internal funds. This acquisition is not expected to have a material impact on the earnings and net tangible assets per share of SembCorp Marine Ltd group for the year ending December 31, 2001.

None of the directors or substantial shareholders of the Company has any interest, direct or indirect, in the above transaction.            

Submitted by Lim Seh Li, Company Secretary on 07/12/2001 to the SGX

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