SembCorp Industries and Keppel Corporation wish to announce that discussions between the two groups as disclosed on October 24, 2001 have ceased, as both managements could not reach mutually acceptable terms.

There are no plans to restart negotiations or further discussions.

Both SembCorp Industries and Keppel Corporation have entered into mutually binding Confidentiality Undertakings. As the scope and nature of the discussions are proprietary, the details will not be made public.

- END -

Released on November 22, 2001

By Order of the Boards:

Linda Hoon Siew Kin
Group Company Secretary
SembCorp Industries Ltd
 
Caroline Chang
Company Secretary
Keppel Corporation Limited