SembCorp Sells a Fraction of its Cosco Shares
SembCorp Marine says that its wholly owned subsidiary, SCM Investment Holdings Pte Ltd, has sold 39 million ordinary shares in Cosco Corporation (Singapore) Ltd for an aggregate net consideration of $272.2 million.
On completion of the sale, the SembCorp Marine Group still holds 111,400,000 Cosco shares, which represent 4.98% of the share capital of Cosco. The sale will result in a gain of approximately $230 million. This will be treated as a one-off gain from the sale of its quoted investment in Cosco and will be taken in the financial year ending December 31, 2007.
Assuming that the transaction was completed on January 1, 2006, SembCorp Marine’s proformance earnings per share for FY 2006 would have increased from 11.71 cents to 20.96 cents and net tangible assets per share per share would have correspondingly increased from 64.64 cents to 71.95 cents.
- 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)