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Sembcorp Development Consolidates Ownership In Vietnam Singapore Industrial Park Pte Ltd

September 28, 2012

Sembcorp Industries announces that its wholly-owned subsidiary, Sembcorp Development Ltd (Sembcorp Development), has increased its interest in Vietnam Singapore Industrial Park Pte Ltd (VSIPPL) from 87.6% to 92.9% following its acquisition of shares in VSIPPL from a minority shareholder.

VSIPPL represents the Singapore consortium which holds a 51% stake in the Vietnam Singapore Industrial Park Joint Venture Co., the developer of the Vietnam Singapore Industrial Park projects. With Sembcorp Development's increased share in the Singapore consortium, its effective share in the Vietnam Singapore Industrial Park Joint Venture Co. has increased to 47.4%.

The acquisition will allow Sembcorp Development to further consolidate its ownership of VSIPPL. The total purchase consideration of S$7.4 million is based on the net asset value of VSIPPL as at May 31, 2012 and arrived at on a willing buyer willing seller basis.

The above acquistion will be funded internally and is not expected to have a material impact on the earnings per share and net asset value per share of Sembcorp Industries for the current financial year.