SembCorp sells Bintan stake

SembCorp sells Bintan stake

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