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Divestment of QianAn Henghui Cogeneration Company

February 24, 2009

Sembcorp Industries (the “Group”) announces that its wholly-owned subsidiary, Sembcorp Utilities, has divested its entire 25% shareholdings in QianAn Henghui Cogeneration Company (the “EJV”) to New Zealand Power Investment. Following the divestment, the EJV has ceased to be an associate of the Group.

The EJV was incorporated in the People’s Republic of China and owns and operates a 21 megawatt cogeneration plant. This divestment follows the Group’s efforts to streamline its operations.
 
The consideration for the sale, which amounts to RMB 3.3 million (approximately S$720,000), was based on the net realisable value of land as at December 31, 2008.

This divestment is not expected to have a material impact on the Group’s earnings per share and the net tangible asset value per share for the financial year ending December 31, 2009. None of the directors or the controlling shareholders of Sembcorp Industries has any interest, direct or indirect, in the divestment.

By Order of the Board

Ms Kwong Sook May 
Company Secretary