May 23, 2006
SembCorp Marine Ltd., Singapore’s second-largest offshore rig maker, has agreed to pay S$120.3 million to raise its stake in Cosco Corp. Singapore Ltd., a ship-repair company, which has posted record annual profit the last two years.
SembCorp Marine will increase its stake to 8.17 percent in Cosco Singapore by buying 110.4 million shares from Seletar Investments Pte, a unit of Temasek Holdings Pte, Singapore’s state-owned investment company, SembCorp Marine said in a statement to the city-state’s stock exchange Monday. The S$1.09 a share purchase price represents an 18-percent discount to Cosco Singapore’s closing price on May 19.
Cosco Shipyard operates five major shipyards in China’s Dalian, Nantong, Shanghai, Zhoushan and Guangzhou. Cosco Singapore owns 51 percent of the shipyard and SembCorp Marine holds 30 percent.
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