May 26, 2006
SembCorp Industries Ltd (“SembCorp”) announces that its wholly owned subsidiary, Sembawang Nominees Pte Ltd, has today entered into an agreement with Successpro Limited, to sell its 20,999,550 ordinary shares in Pulau Holdings Pte Ltd (“Pulau Holdings”) for a cash consideration of S$3.8 million. The shares represent 53.845% of the total outstanding shares in Pulau Holdings.
SembCorp Industries Ltd (“SembCorp”) announces that its wholly owned subsidiary, Sembawang Nominees Pte Ltd, has today entered into an agreement with Successpro Limited, to sell its 20,999,550 ordinary shares in Pulau Holdings Pte Ltd (“Pulau Holdings”) for a cash consideration of S$3.8 million. The shares represent 53.845% of the total outstanding shares in Pulau Holdings.
Pulau Holdings holds a 65% equity stake in PT Alam Indah Bintan (“PT AIB”), a company incorporated in Indonesia to develop and own Nirwana Gardens Resort (“Nirwana Gardens”).
The sale is in line with SembCorp’s move to sharpen its strategic focus on a smaller group of core businesses such as its utilities and marine engineering businesses.
The sales consideration was arrived taking into account the adjusted net asset value of PT AIB as at 31 March 2006.
The sale has resulted in a net exceptional gain of approximately S$11 million for FY2006.
None of the Directors or controlling shareholders of SembCorp have any interest, directly or indirectly, in the transaction.
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