Jurong Shipyard,a subsidiary of Singapore’s Sembcorp Marine, has sold its 100% equity interest in Jurong Autoblast Services Pte Ltd (JAS).
Sembcorp Marine said that JAS was sold to a party unrelated to the company for an aggregate cash consideration of $256,933.
The principal activities of JAS are surface preparation of steel plates, structures as well as marine engineering services.
The company added that the consideration was agreed between the parties on a willing-buyer and willing-seller basis after taking into consideration the net asset value of JAS of $281,175 on October 31, 2017. As a result of the sale, JAS ceases to be a subsidiary of Jurong Shipyard.
According to Sembcorp Marine, the transaction is not expected to have any material impact on the net tangible assets and earnings per share of the company for the financial year ending December 31, 2017.