Biwater Tenders Its 58.4% Stake in Cascal to Sembcorp
SINGAPORE, May 30 /PRNewswire-Asia/ -- Sembcorp Industries (Sembcorp) today (30 May 2010 - USA / 31 May 2010 - Singapore) announces that following the commencement of its wholly owned subsidiary Sembcorp Utilities' tender offer for all of the issued and outstanding common shares of Cascal N.V. (Cascal) on May 21, 2010, Biwater Investments Limited, the majority stockholder of Cascal, has tendered its 17,868,543 shares of Cascal in the tender offer in accordance with the previously disclosed tender offer and stockholder support agreement. This represents approximately 58.4% of the outstanding common shares of Cascal, based on the 30,581,343 shares reported by Cascal to be issued and outstanding as of December 31, 2009.
Sembcorp is offering to acquire all the common shares of Cascal in its ongoing tender offer at a price of US$6.75 per share, provided that at least 80% of the issued and outstanding shares of Cascal on a fully diluted basis are validly tendered and not withdrawn. If at the time of the scheduled expiration of the tender offer, less than 80% of the outstanding common shares of Cascal on a fully diluted basis have been validly tendered and not withdrawn, Sembcorp will reduce the tender offer price to US$6.40 per share. The offer and withdrawal rights will expire at 11:00 a.m. New York City time on June 21, 2010, unless extended.
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: For Singapore Ng Lay San (Ms) Vice President Group Corporate Relations Tel: +65-6723-3150 Email: [email protected] Fock Siu Ling (Ms) PR Counsel Group Corporate Relations Tel: +65-6723-3152 Email: [email protected] Lim Yuan See (Ms) Associate Director, Singapore Kreab Gavin Anderson Tel: +65-6339-9110 Email: [email protected] For US Richard A. Mahony (Mr) Managing Partner, New York Kreab Gavin Anderson Tel: +1-212-515-1960 Email: [email protected] For UK Natalie Biasin (Ms) Associate Director, London Kreab Gavin Anderson Tel: +44-20-7074-1864 Email: [email protected]
SOURCE Sembcorp Industries Ltd
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