SembCorp Utilities Increases Its Stake In Nanjing SembCorp SUIWU To 75 Percent

China, Sep 30, 2003

SembCorp Industries announces that its wholly-owned subsidiary, SembCorp Utilities (SembUtilities), has increased its stake in Nanjing SembCorp SUIWU from 55 per cent to 75 per cent. Accordingly, SembUtilities’ share of the initial project cost will increase from USD 5.5 million to USD 7.5 million based on an estimated total investment of USD 10 million.

Nanjing SembCorp SUIWU, formerly known as Nanjing SEMBCORP SUIYU, was set up to invest in a build-own-operate wastewater treatment plant in the Nanjing Chemical Industrial Park in China. The other shareholders are Singapore Utilities International and Nanjing Chemical Industrial Park Company, holding 20 per cent and 5 per cent respectively.

The increase in investment is not expected to have any material effect on the net tangible assets per share and earnings per share of SembCorp Industries for the current financial year. SembUtilities will finance the increased investment from internal funds.

None of the directors or substantial shareholders of SembCorp Industries has any interest, directly or indirectly, in the transaction.

By Order of the Board
Linda Hoon Siew Kin
Group Company Secretary

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