Singapore?s Karimun Shiprepair acquires PT Karimun Sembawang Shipyard

Singapore based SembCorp Marine Ltd announced on Friday that its subsidiary, Karimun Shiprepair & Engineering Pte Ltd (KSE) had acquired the remaining 35 percent stake in PT Karimun Sembawang Shipyard (PTKSS) from PT Primabahtera Indoshipyard.

SembCorp said the acquisition, comprised 6,300,000 ordinary shares of US$1.00 (US$ = Rp 9,000) each was purchased at a cash consideration of $110.00 based on a willing buyer, willing seller basis and based on the net tangible asset of PTKSS at a negative value of equivalent $0.15 per share as at October 31, 2002.

?With the completion of the acquisition, PTKSS becomes a wholly owned subsidiary of KSE,? said the company in a statement to Singapore Exchange.

The company said the acquisition was a part of SembCorp Marine's plans to remain focused on its core marine activities of ship repair, new building, ship conversion and offshore engineering.

PTKSS is a shipyard located along the Straits of Malacca on Karimun Island in Riau province, and its main activities include ship repairs and conversions, fabrication and piping works and de-sludging and de-sloping of tankers. (robert)