Fujairah Independent Water And Power Plant Achieves Financial Close

UAE, Nov 23, 2006

Further to its announcement on July 5, 2006 relating to its acquisition of a 40 per cent interest in Fujairah Independent Water and Power Plant in the UAE, SembCorp Industries (SembCorp) announces that financial close for the project was achieved on November 22, 2006. The purchase price of approximately US$1,306 million has been paid by the joint venture company, Emirates SembCorp Water & Power Company, which is 40 per cent owned by SembCorp's wholly-owned subsidiary SembCorp Utilities, to Union Water and Electricty Company (UWEC), a wholly-owned subsidiary of ADWEA, for the existing Fujairah power and water facility. This is pursuant to the Asset Transfer Agreement dated July 5, 2006, which was novated to Emirates SembCorp Water & Power Company, by a Novation Agreement dated September 26, 2006. With this payment, title to the Fujairah assets has passed from UWEC to Emirates SembCorp Water & Power Company.

By Order of the Board
Kwong Sook May
Company Secretary

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