Singapore: Sembcorp Marine’s wholly owned subsidiary, SMOE, has divested 30% of its 49% equity stake in HQSM Engineering to China Huanqiu Contracting & Engineering Corporation, the majority shareholder of HQSM. This comprises 1.2m ordinary shares, representing 30% of the share capital of HQSM, for an aggregate cash consideration of S$5.7m.
Following the divestment, SMOE will retain a 19 per cent equity stake in HQSM.
Established in March 2007, HQSM’s key activities include the engineering and construction of onshore plants. [26/06/13]
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