The net consideration for the 70 percent equity stake at RMB1.75 million (or approximately S$350,000) is based on the net tangible assets of JSMET and on a willing buyer and willing seller basis. Long-time business associate and Chinese partner, Zhao Weimin will own the remaining 30 per cent at RMB 0.75 million (or approximately S$150,000).
JSMET is based in Shanghai. It undertakes design and drafting work assigned by JSPL. It will also recruit engineers in China to provide the design and drafting back-up for the projects.
The above investment is not expected to have a material impact on SembCorp Marineís earnings per share and net tangible asset per share for the current financial year. The acquisition will be funded from JSPLís own internal resources.
Most Popular Articles
From the Career Center
Jobs that may interest you