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Sembmarine to boost intellectual property assets in share swap deal

Singapore’s Sembcorp Marine (Sembmarine) announced that it has inked a share swap agreement with associated firm Ecospec Global Technology and Neonlite Investments in a move to boost the group’s intellectual property assets.

Lee Hong Liang, Asia Correspondent

January 16, 2019

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Sembmarine, together with subsidiaries Sembcorp Marine Repairs and Upgrades (SMRU) and Semb-Eco, entered into the agreement to exchange 10m ordinary shares representing 20% of the issued share capital of Ecospec for around 23.8m ordinary shares representing 45% of the issued share capital of Semb-Eco.

Sembmarine has an indirect 20% equity interest in Ecospec under a deal signed in 2012.

The share swap deal will see Ecospec assign to SMRU certain of its intellectual property and proprietary rights for a consideration of approximately SGD7.2m ($5.3m).

SMRU will also acquire five groups of Semb-Eco core patents, which are applied in the development of ballast water treatment, exhaust gas cleaning, biofouling control and corrosion control.

Semb-Eco is an investment holding joint venture firm between Neonlite Investments, Ecospec founder Chew Hwee Hong and SMRU.

Read more: Sembmarine bags battery powered ferry newbuilds contract from Norled

“Through this transaction, Sembmarine further strengthens its intellectual property and knowledge to facilitate research and development of solutions for the global offshore and marine sectors. This in turn supports our ongoing efforts to move up the value chain so that we can do more for our customers and partners,” said Wong Weng Sun, president and ceo of Sembmarine.

In consequence, Semb-Eco will become wholly-owned by Sembmarine while Ecospec will cease to be an associated company of the group.

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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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