Amsterdam Court Finds in Favour of Sembcorp and Biwater in Relation to the Tender Offer for Cascal Shares
SINGAPORE, June 17 /PRNewswire-Asia/ -- On May 24, 2010, Biwater Investments Ltd (Biwater) filed a Petition in the Amsterdam Court for an inquiry to be conducted into the policy and course of affairs at Cascal N.V.(NYSE: HOO)(Cascal), limited to Cascal's acts and deeds in relation to Biwater's proposed sale of its stake in Cascal to Sembcorp and the Voluntary Tender Offer (VTO) for the period commencing mid-2009. On May 28, 2010, Biwater filed a supplemental application for an order to restrain Cascal from issuing new shares to frustrate the VTO.
On June 2, 2010, Cascal filed its defence to Biwater's petition seeking to deny Biwater's requests for the restraining order and to seek interim relief in the form of an order for the temporary transfer of Biwater's shares in Cascal to a person to be appointed by the Amsterdam Court for the purposes of the proposed transaction with Sembcorp or alternatively, an order to suspend Biwater's voting rights or in the further alternative, an order to forbid Biwater from tendering its shares in the VTO. On June 6, 2010, Sembcorp joined the petition as an interested party.
On June 16, 2010, the Court rendered its decision: the Court found in favour of Biwater and Sembcorp on all counts and rejected all of Cascal's requests for interim relief. However, as Cascal's lawyers told the Court that no issuance of shares to frustrate the VTO would be made if the Court should find against Cascal, the Court made no restraining order to that effect.
Sembcorp is pleased that the Amsterdam Court has rendered its judgment in favour of Biwater and Sembcorp. This follows the denial of a Cascal motion by the United States District Court for the Southern District of New York last month. Sembcorp has always held the view that it is not in breach of any laws, regulations or contractual obligations in relation to the transaction, and remains committed to completing the transaction.
ABOUT SEMBCORP INDUSTRIES
Sembcorp Industries is a leading energy, water and marine group. With facilities with over 3,800 megawatts of power capacity and over four million cubic metres of water per day in operation and under development, Sembcorp is a trusted provider of essential energy and water solutions to customers in Singapore, the UK, China, Vietnam, the UAE and Oman.
Aside from its energy and water business, the Sembcorp Industries Group also encompasses a world leader in marine & offshore engineering, as well as an established provider of environmental services and developer of integrated townships and industrial parks. The Group has total assets of over S$9 billion and employs more than 6,700 employees. Listed on the main board of the Singapore Exchange, it is a component stock of the Straits Times Index and several MSCI indices.
Note to Editors:
Following a company rebrand, please refer to the company as "Sembcorp" (with "S" in upper case and "c" in lower case), or "Sembcorp Industries" in full. Please also note that "Sembcorp" is not an abbreviation of "Sembawang
Corporation" but a brand name in itself, and it is therefore incorrect to refer to our company as "Sembawang", "Sembawang Corporation" or similar.
For media and analysts queries please contact:
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Archanaa Raja (Ms)
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Kreab Gavin Anderson
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SOURCE Sembcorp Industries
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