Sembcorp Marine Ltd. has disposed of its 70% equity interest in Shanghai Guofeng Marine Engineering and Technology Co. Ltd. (SGMET) to the other existing shareholder for RMB 5.8 million (US$1.3 million), according to an April 7 stock exchange announcement.
Following completion of the disposal, Sembcorp will no longer have any interest in SGMET, which will cease being a subsidiary of Sembcorp.
SGMET’s principal activity is in R&D of technologies for civil ships and equipment for oceanics industries and the provision of related technical consultation services. Sembcorp said the sale is in line with its strategy to realize investment in non-core business and its commitment to optimize profitability and operations.
Sembcorp said it intends to apply the net proceeds toward its working capital.
Recommended Reading
Phillips 66 Explores Sale of Pipeline Stake Worth Over $1B, Sources Say
2024-03-26 - The Rockies Express Pipeline is a 2730-km interstate natural gas pipeline stretching from Wyoming and Colorado in the West to Ohio.
Matador Completes NatGas Connections in Delaware Basin
2024-03-25 - Matador Resources completed natural gas pipeline connections between Pronto Midstream to San Mateo Midstream and to Matador’s acreage in the Delaware Basin.
Summit Midstream Sells Utica Interests to MPLX for $625MM
2024-03-22 - Summit Midstream is selling Utica assets to MPLX, which include a natural gas and condensate pipeline network and storage.
Williams CEO: Louisiana Energy Gateway Start Temporarily in Limbo
2024-03-21 - Williams CEO Alan Armstrong said the project still moving forward after hitting a snag in a dispute with Energy Transfer but lacks a definitive start date.
Enbridge Fortifies Dominant Role in Corpus Christi Crude Transport
2024-03-20 - Colin Gruending, Enbridge executive vice president and president for liquids pipelines told Hart Energy the company’s holdings in South Texas are akin to a “catcher’s mitt” for Permian and Haynesville production.