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Sembmarine disposes of entire stake in Chinese technology firmSembmarine disposes of entire stake in Chinese technology firm

Singapore’s Sembcorp Marine (Sembmarine) has pocketed RMB5.8m ($840,860) after it disposed of its entire 70% equity interest in Shanghai Guofeng Marine Engineering and Technology (SGMET).

Lee Hong Liang, Asia Correspondent

April 10, 2017

1 Min Read
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The deal valued at RMB5.8m was arrived on a willing buyer and willing seller basis, with the existing shareholder of SGMET taking back the equity stake, according to Sembmarine.

“The disposal is being undertaken by the group to realise its investment in non-core business and in line with the group’s commitment to optimise profitability and operations. The group intends to apply the net proceeds towards its working capital,” Sembmarine said.

China’s SGMET is principally engaged in R&D of technologies for civil ships and equipment for oceanics industries and provision of related technical consultation services.

About the Author

Lee Hong Liang

Asia Correspondent

Singapore-based Lee Hong Liang provides a significant boost to daily coverage of the Asian shipping markets, as well as bringing with him an in-depth specialist knowledge of the bunkering markets.

Throughout Hong Liang’s 14-year career as a maritime journalist, he has reported ‘live’ news from conferences, conducted one-on-one interviews with top officials, and had the ability to write hard news and featured stories.

 

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