July 11, 2006
Further to the SembCorp Industries’ announcement on March 30, 2006 relating to the full and final settlement for the Solitaire arbitration, SembCorp Industries is pleased to announce that its subsidiary Sembawang Corporation Ltd (Sembawang) has received confirmation from the Inland Revenue Authority of Singapore that the compensation and related legal costs incurred in relation to the Solitaire arbitration are trade losses of Sembawang. Accordingly, these losses will be available for transfer within the SembCorp Industries Group under the group tax relief system and/or carry forward for offset against future taxable profits of Sembawang, subject to compliance with the respective provisions under the Singapore Income Tax Act.
Further to the SembCorp Industries’ announcement on March 30, 2006 relating to the full and final settlement for the Solitaire arbitration, SembCorp Industries is pleased to announce that its subsidiary Sembawang Corporation Ltd (Sembawang) has received confirmation from the Inland Revenue Authority of Singapore that the compensation and related legal costs incurred in relation to the Solitaire arbitration are trade losses of Sembawang. Accordingly, these losses will be available for transfer within the SembCorp Industries Group under the group tax relief system and/or carry forward for offset against future taxable profits of Sembawang, subject to compliance with the respective provisions under the Singapore Income Tax Act.
Further announcement will be made when such tax losses can be effectively utilised by the Group and the tax benefit recognised in the accounts.
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