Oct 23, 2007
SembCorp Marine wishes to announce that its wholly-owned subsidiary, SCM Investment Holdings Pte Ltd has sold 39 million ordinary shares in Cosco Corporation (S) Ltd (“Cosco”) 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 proforma 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.
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