Sembcorp Establishes Indirect Associate Companies For Industrial Parks Business
January 19, 2009
Sembcorp Industrial Parks Ltd, a wholly owned subsidiary of Sembcorp Industries, wishes to announce that its joint venture, the Vietnam Singapore Industrial Park and Township Development Joint Stock Company (VSIP JSC), has incorporated two wholly-owned companies in The Socialist Republic of Vietnam: VSIP Hai Phong Co. Ltd and VSIP Bac Ninh Co. Ltd.
VSIP Hai Phong Co. Ltd has been established for the development of the fourth Vietnam Singapore Industrial Park. VSIP Hai Phong is a 1,600-hectare integrated township and industrial park in Hai Phong, Vietnam’s third largest city. The project’s investment license for the initial 611-hectare phase has been received and the company will commence with infrastructure works in preparation for mainly industrial and some township development, in tandem with demand.
VSIP Bac Ninh Co. Ltd has been established for the development of the third VSIP project that was earlier announced in 2007. For details of VSIP Bac Ninh, please refer to Sembcorp’s press release dated July 9, 2007.
The VSIP JSC has increased its share capital to US$40.08 million to undertake the development of these two projects. Sembcorp will contribute US$4.81 million of equity capital for its 12% direct stake in the VSIP JSC. Sembcorp’s total effective stake in the VSIP JSC is 40.31%.
The above transactions are not expected to have any material impact on the net tangible assets or earnings per share of the Sembcorp Group for the financial year ending 31 December 2009.
By Order of the Board
Ms Kwong Sook May