Sinagpore's Sembcorp Marine Ltd. (the Company) announced Monday that its wholly owned subsidiary, Dolphin Shipping Company Private Limited (DSC), has completed the sale of its entire 50 percent equity interest (the Stake) in Dolphin Workboats Pte Ltd. (DW).
DSC has sold the Stake for a cash consideration of $320,400 (SGD 450,000) to Entraco Venture Corporation Pte Ltd., the existing shareholder of DW. The consideration was agreed between the parties on a willing-buyer willing-seller basis after taking into consideration the net equity of DW as at Dec. 31, 2015.
The above transaction is not expected to have a material impact on the net tangible assets and earnings per share of the Company for the financial year ending Dec. 31, 2016.
None of the directors or controlling shareholders of the Company has any interest, direct or indirect, in the above transaction.
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