October 31, 2007
Sembcorp Industries Ltd (the “Group”) announces that its wholly-owned subsidiary, Sembcorp Environmental Management Pte Ltd (“SembEnviro”) has divested its entire 90 per cent shareholding in SembEnviro KK Asia Pte Ltd (“SKKA”) comprising 13,500,000 ordinary shares. Following the divestment, SKKA ceased to be a subsidiary of the Group.
SKKA is in the business of recycled plastic collection, sorting, processing and manufacturing of plastic resins, as well as trading of recycled plastics.
The unaudited net liabilities of SKKA as of June 30, 2007 was $3.1 million. SembEnviro will waive its $1.2 million shareholder loan extended to SKKA and receive $0.2 million for its 90% equity shareholding in SKKA. The divestment will result in a write back of approximately $3 million. The terms of the divestment were decided on a willing buyer willing seller basis.
The divestment is not expected to have a material impact on the Group’s earnings per share and the net tangible asset value per share for financial year ending December 31, 2007. None of the directors or the controlling shareholders of Sembcorp Industries has any interest, direct or indirect, in the divestment.
Sembcorp Industries Ltd (the “Group”) announces that its wholly-owned subsidiary, Sembcorp Environmental Management Pte Ltd (“SembEnviro”) has divested its entire 90 per cent shareholding in SembEnviro KK Asia Pte Ltd (“SKKA”) comprising 13,500,000 ordinary shares. Following the divestment, SKKA ceased to be a subsidiary of the Group.
SKKA is in the business of recycled plastic collection, sorting, processing and manufacturing of plastic resins, as well as trading of recycled plastics.
The unaudited net liabilities of SKKA as of June 30, 2007 was $3.1 million. SembEnviro will waive its $1.2 million shareholder loan extended to SKKA and receive $0.2 million for its 90% equity shareholding in SKKA. The divestment will result in a write back of approximately $3 million. The terms of the divestment were decided on a willing buyer willing seller basis.
The divestment is not expected to have a material impact on the Group’s earnings per share and the net tangible asset value per share for financial year ending December 31, 2007. None of the directors or the controlling shareholders of Sembcorp Industries has any interest, direct or indirect, in the divestment.
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