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    SembCorp Marine sells stake in Chinese yard

    Yard News // January 9, 2004
    Singapore's SembCorp Marine Ltd has announced that its subsidiary Sembawang Shipyard (S) Pte Ltd has disposed of its 50 per cent share of the registered capital in China's Bohai Sembawang Shipyard (Tianjin) Co Ltd, selling it to its joint venture partner, China Offshore Oil Bohai Corporation.

    The sale consideration was S$25.3 million (about US$14.8 million) and was determined on the prevailing net tangible asset value.

    Located in Tanggu, Tianjin in the People's Republic of China, Bohai Sembawang Shipyard's principal activities include ship repairs and basic conversions.

    SembCorp says the divestment of Bohai Sembawang Shipyard is due to the joint venture partner's internal restructuring.

    "In line with SembCorp Marine's hub strategy in China, this divestment would also allow SembCorp Marine to restructure its investment in China and to enhance its participation with COSCO in the growing ship repair market in China," said the company in arecent statement.

    SembCorp Marine is a joint venture partner with COSCO in Dalian Cosco Marine Engineering which operates from a 35 hectare site located at Dalian, China's marine technology and industry hub.

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