Sembcorp Marine Increase Stake in Joint Shipyard Management Services
SembCorp Marine Ltd has increased its shareholding in associated company, Joint Shipyard Management Services Pte Ltd ("JSMS"), from 1 ordinary share of S$1, representing 25 per cent in the issued and paid-up capital of JSMS, to 32 ordinary shares of S$1 each, representing 32 per cent in the issued and paid-up capital of JSMS at a cash consideration of S$31.
JSMS is a joint venture company set up by a consortium of shipyards comprising SembCorp Marine Ltd ("SCM"), Singapore Technologies Marine Ltd ("ST Marine"), Keppel Shipyard Limited ("Keppel Shipyard") and Pan-United Marine Limited ("Pan-United Marine") pursuant to a Shareholders' Joint Venture Agreement (JVA) dated July 21, 1995 to provide dormitory accommodation to foreign workers employed by each of the four respective shipyards. The shareholdings held by SCM, ST Marine, Keppel Shipyard and Pan-United Marine then were 1 ordinary share of S$1 each, representing a 25 per cent in the capital of JSMS.
Final shareholdings in JSMS after the additional subscription are as follows:
Shareholders are SCM with 32%; ST Marine with 30%; Keppel Shipyard with 24%; Pan-United Marinewith 14%.
The new shareholding structure will reflect the actual number of dormitory units owned by the respective shareholders.
The increase in the shareholding by SCM is not expected to have any material impact on the net tangible assets per share or earnings per share of the Company or the Group for the current financial year.
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