Acquisition Of Additional Shares In Industrial Park Companies From Companies In Temasek Group

Singapore, Dec 18, 2004

SembCorp Industries (“SCI”) wishes to announce that its wholly-owned subsidiary, SembCorp Parks Holdings Ltd (“SCP”) had entered into a Sale & Purchase Agreement with Seletar Investments Pte Ltd and Hong Lim Investments Pte Ltd for the acquisition of shares:-

Name of Company

Percentage Shareholding Acquired

Total Shareholding held by SCI Group after acquisition

Vietnam Singapore Industrial Park Pte Ltd (“VSIP”)

8.77%

70.75%

Singapore-Wuxi Investment Holdings Pte Ltd (“SWIH”)           

14.18%

92.58%

SembCorp Parks Management Pte Ltd (“SPM”)

5%

56%


Rationale

The above transaction simplifies the shareholding and management structure and allows the Group to enhance shareholders’ value.

Consideration

The total consideration of Singapore Dollar Nine Hundred and Seventy-five Thousand and Ten (S$ 975,010.00) was arrived on a willing-buyer-willing-seller basis. The share of the Unaudited Net Tangible Asset (“NTA”) / Unaudited Net Tangible Liabilities (“NTL”) of the 3 companies acquired in this transaction as at 1 July 2004 are as follows:-

Name of Company

Share of NTA/(NTL) acquired

 

VSIP

$3,599,000

SWIH

($2,873,000)

SPM

$219,000


The acquisition of this investment was funded internally and does not have a 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

back to top