August 8, 2007
SembCorp Industries wishes to announce that its subsidiary, SembCorp Environmental Management Pte. Ltd. (SembEnviro) has acquired all the 40% interests or 2,712,000 ordinary shares in the capital of its 60% subsidiary, SembCorp SITA Pte. Ltd. (SembCorp SITA) from its JV Partner, Suez Environnement, hence making SembCorp SITA a wholly-owned subsidiary of SembEnviro.
The principal activities of the Company were related to the holding of long-term investments and providing waste management and environmental services in Singapore.
The consideration for the interests in SembCorp SITA is S$257,200 to be satisfied in cash. The consideration was based on adjusted net tangible asset value of SembCorp SITA, after capitalization of existing shareholders’ loan as of June 30, 2007.
The aforesaid does not have any material financial impact on SembCorp Group for the financial year ending December 31, 2007.
SembCorp Industries wishes to announce that its subsidiary, SembCorp Environmental Management Pte. Ltd. (SembEnviro) has acquired all the 40% interests or 2,712,000 ordinary shares in the capital of its 60% subsidiary, SembCorp SITA Pte. Ltd. (SembCorp SITA) from its JV Partner, Suez Environnement, hence making SembCorp SITA a wholly-owned subsidiary of SembEnviro.
The principal activities of the Company were related to the holding of long-term investments and providing waste management and environmental services in Singapore.
The consideration for the interests in SembCorp SITA is S$257,200 to be satisfied in cash. The consideration was based on adjusted net tangible asset value of SembCorp SITA, after capitalization of existing shareholders’ loan as of June 30, 2007.
The aforesaid does not have any material financial impact on SembCorp Group for the financial year ending December 31, 2007.
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