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Sembcorp Marine offloads stake in Cosco Shipyard

Sembcorp Marine offloads stake in Cosco Shipyard
Singapore shipbuilder Sembcorp Marine has entered into a sale and purchase agreement with Cosco to dispose of its 30% equity interest in Cosco Shipyard Group.

Following the completion of the disposal, Sembcorp Marine will cease to have any interest in Cosco Shipyard except via its 4.98% shareholding in Cosco Corporation (Singapore), which in turn has a 51% interest in Cosco Shipyard.

Explaining the reason behind the decision to divest, Sembcorp Marine said the Chinese company was no longer a strategic investment nor a core asset for the company.

Sembcorp Marine will realise a gain of approximately S$48.32m ($34.2m) from the sale, and will use the net proceeds for working capital.

source: splash247

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