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Sembcorp Increases Stake In Singapore Consortium Involved In Singapore-Sichuan Hi-Tech Innovation Park

February 24, 2012

Sembcorp Industries announces that its wholly-owned subsidiary, Sembcorp Industrial Parks, has increased its interest in Singapore-Sichuan Investment Holdings (SSIH) from 40% to 50% following its acquisition of one (1) ordinary share in SSIH from Ascendas (China) for a total consideration of S$1. The consideration paid per share is the same as the original amount injected by Ascendas (China).

A joint venture agreement has been signed between Sembcorp and subsidiaries of Temasek-owned Singbridge Holdings, Singbridge CDIP1 and Singbridge CDIP9 which hold the remaining 30% and 20% share respectively in SSIH.

SSIH is involved in the development of the 1,000-hectare Singapore-Sichuan Hi-tech Innovation Park located in Chengdu’s Tianfu New City central business district.

Chengdu is among the fastest growing cities in the western and central regions of China.  Investments to these areas are mainly driven by the central government’s “Go West” policy. The innovation park will focus on attracting modern, innovative and knowledge-intensive industries in eight clusters such as information technology, digital media, pharmaceutical research, precision engineering, environmental services, service outsourcing, banking and insurance.

The above transaction 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.