SembCorp sells Bintan stake

Mon, 07 Nov 2005, 00:00 WIB | Source: DJ

SINGAPORE: Marine and civil engineering conglomerate SembCorp
Industries Ltd. has sold its entire interest in Bintan Lagoon
Resort (BLR) resulting in a write-back of about S$18 million (US$
10.59 million) into its financial accounts, the Straits Times
reports.

BLR, which operates a resort on the Indonesian island of
Bintan near Singapore, had been in receivership following its
failure to repay about S$53 million worth of bonds since late
2000.

The write-back by SembCorp is for prior years' provisions for
loans extended to BLR.

BLR's other shareholders include Keppel Land Ltd. -- Dow Jones

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