Sembcorp arm boosts interest in Vietnam Singapore Industrial Park

The 5.3ppt rise is after its acquisition of shares in VSIPPL.

In an SGX release, Sembcorp Industries announced that its wholly-owned subsidiary, Sembcorp Development Ltd (Sembcorp Development), has increased its interest in Vietnam Singapore Industrial Park Pte Ltd (VSIPPL) from 87.6% to 92.9% following its acquisition of shares in VSIPPL from a minority shareholder.

VSIPPL represents the Singapore consortium which holds a 51% stake in the Vietnam Singapore Industrial Park Joint Venture Co., the developer of the Vietnam Singapore Industrial Park projects.

With Sembcorp Development’s increased share in the Singapore consortium, its effective share in the Vietnam Singapore Industrial Park Joint Venture Co. has increased to 47.4%.

The acquisition will allow Sembcorp Development to further consolidate its ownership of VSIPPL. The total purchase consideration of S$7.4 million is based on the net asset value of VSIPPL as at May 31, 2012 and arrived at on a willing buyer willing seller basis.

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