Stock News: Sembcorp increases stake in Cosco!

SembCorp Marine Ltd said it will buy another 110.4 mln shares in Cosco Corp (Singapore) Ltd for 120.34 mln sgd from Seletar Investments Pte Ltd, a unit of Temasek Holdings (Private) Ltd, to increase its stake to 8.17 pct. SembCorp Marine said it has signed a conditional sale and purchase agreement with Seletar for acquisition of the latter's entire shareholdings in Cosco at 1.09 sgd per share. The purchase will lift the number of Cosco shares it owns to 180.4 mln shares, from 70,000 shares or a 3.17 pct stake, it said. "The investment in Cosco Corp is in line with SembCorp Marine's strategy to grow its marine and offshore business in Singapore and China," SembCorp Marine said in a statement. The proposed acquisition still requires approval from shareholders, it said. The deal is not expected to have a significant impact on the earnings per share and net tangible assets per share of SembCorp Marine this year.