Sembcorp's majority stake in Cascal rises to 96.43%

Sembcorp now intends to complete the acquisition of the company by effecting squeeze-out proceedings under the Dutch Civil Code, with the price paid to minority stockholders to be determined by the Dutch Court.

The subsequent offer period of the tender offer by Sembcorp's wholly-owned subsidiary Sembcorp Utilities Pte Ltd for all of the issued and outstanding common shares of Cascal expired as scheduled at 5:00 p.m. New York City time on 30 July 2010. The offer was at a price of US$6.75 per share in cash, less any withholding taxes and without interest.

"BNY Mellon Shareowner Services, the depositary for the Offer, has advised that a total of 1,285,495 Shares have been validly tendered and not withdrawn prior to the expiration of the subsequent offer period (including all of the shares tendered and not withdrawn in the initial offer period), representing approximately 4.18% of the issued and outstanding shares," said a Sembcorp announcement.

In addition, all of the shares validly tendered and not withdrawn have been accepted for payment.