SembCorp Increase Stake in Jurong Marine Services
SembCorp Marine Ltd has acquired an additional 50 percent equity stake in Jurong Marine Services Pte Ltd ("JMS") from SembCorp Logistics Ltd (SembLog) for a total cash consideration of S$1,660,000. The consideration is based on the valuation of the net tangible assets of JMS and on a willing buyer and willing seller basis. The acquisition will be funded from the Company's own internal resources.
JMS is a 50-50 joint venture company between SembLog and the Company. JMS provides harbor tug services to port users and shipyards, including tug services to the SembCorp Marine Group of shipyards. The acquisition will enable the Company to take full control of JMS to better service the SembCorp Marine Group of shipyards as well as expanding its towage services to the local and international market.
With the completion of the acquisition, JMS becomes a wholly owned subsidiary of SembCorp Marine. The acquisition has no material impact on the earnings and Net Tangible Assets per share of SembCorp Marine for the financial year ending December 31, 2006. None of the Directors has any interest, direct or indirect, in this transaction.
- Rig Builder Sembcorp Marine 2Q Net Profit Falls 51% (Jul 27)
- Asia Oil, Gas Layoffs Mount as Industry Recovery Stays Elusive (Sep 08)
- Brazilian Government Plans to Open Talks with Keppel, Sembcorp Marine (Sep 05)