SembCorp Industries wishes to announce that its wholly-owned subsidiary, Sembawang Industrial Pte Ltd, has today signed a Sale and Purchase Agreement to sell its entire 28 per cent equity interest comprising 2,800,000 ordinary shares of par value $1.00 each in Indo-Sembawang-Nippon Glass Pte Ltd (“ISN”) and transfer a shareholder’s loan of US$8,654,184 (approximately S$14.35million) for a total cash consideration of US$4,527,900 (approximately S$8 million) to Feature Technology Limited.

Completion is expected to take place on or about November 27, 2001.

This sale is part of the SembCorp Industries group’s rationalisation and divestment programme of its non-core operations.

The original investment in and loan to ISN had been fully provided for. Following the sale, provision of approximately S$8 million for the equity interest and the loan will be written back in FY2001.

The sale of the equity stake in ISN has no material impact on the earnings and net tangible assets per share of SembCorp Industries.

By Order of the Board
Linda Hoon Siew Kin
Group Company Secretary
November 16, 2001

Submitted by Linda Hoon Siew Kin, Group Company Secretary on 16/11/2001 to the SGX