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Sembcorp Marine sell stake in Chinese tech firm

Photo of Grant Rowles Grant RowlesApril 9, 2017
10 Less than a minute

Singapore’s Sembcorp Marine has sold its 70% equity interest in Shanghai Guofeng Marine Engineering and Technology (SGMET) to the other existing shareholder in the company for RMB5.8m ($0.84m).

SGMET is in the field of research and development of technologies for civil ships and equipment for the oceanics industries.

Sembcorp Marine says the sale is in line with its strategy to realise its investment in non-core business in an effort to optimise profitability. It intends to use the proceeds for working capital.

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Photo of Grant Rowles Grant RowlesApril 9, 2017
10 Less than a minute
Photo of Grant Rowles

Grant Rowles

Grant spent nine years at Informa Group based in London, Sydney, Hong Kong and Singapore. He gained strong management experience in publishing, conferences and awards schemes in the shipping and legal areas, working on a number of titles including Lloyd's List. In 2009 Grant joined Seatrade responsible for the commercial development of Seatrade’s Asia products. In 2012, with Sam Chambers, he co-founded Asia Shipping Media.
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