SembCorp Marine's Jurong Shipyard Acquires A 70 Percent Equity Stake In Shanghai Jurong Marine Engineering & Technology Co. Ltd

China, Dec 05, 2007

SembCorp Marine’s wholly-owned subsidiary, Jurong Shipyard Pte Ltd (JSPL) has entered into an agreement to acquire a 70 percent equity stake in Shanghai Jurong Marine Engineering & Technology Co. Ltd (JSMET). JSMET offers services for marine design work.

The net consideration for the 70 percent equity stake at RMB1.75 million (or approximately S$350,000) is based on the net tangible assets of JSMET and on a willing buyer and willing seller basis. Long-time business associate and Chinese partner, Zhao Weimin will own the remaining 30 per cent at RMB 0.75 million (or approximately S$150,000).

JSMET is based in Shanghai. It undertakes design and drafting work assigned by JSPL. It will also recruit engineers in China to provide the design and drafting back-up for the projects.

The above investment is not expected to have a material impact on SembCorp Marine’s earnings per share and net tangible asset per share for the current financial year.  The acquisition will be funded from JSPL’s own internal resources.

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