Sembcorp Marine to proceed with S$2.1 billion Renounceable Underwritten Rights Issue and Demerger
Published by Aimee Knight,
Editorial Assistant
World Pipelines,
Shareholders of Sembcorp Marine and Sembcorp Industries (parent company of Sembcorp Marine) have approved the proposed Sembcorp Marine Renounceable Underwritten S$2.1 billion Rights Issue and Demerger from Sembcorp Industries at the companies’ respective Extraordinary General Meetings on 11 August.
On the successful outcome of the proposed transaction, Sembcorp Marine President & CEO Mr Wong Weng Sun said: “We are grateful to our shareholders for the support they have shown today. Sembcorp Marine is now able to chart a new way forward that addresses our immediate liquidity needs and puts the company on a stronger footing for the long term. Once successfully concluded, the Rights Issue will help fund our ongoing operations and strengthen our balance sheet, enabling us to ride out the industry downturn, be better positioned to compete for new high-value projects, and ensure our long-term viability.
“Sembcorp Marine is confident that we will continue to have a leading role as a global player in innovative engineering solutions for the Offshore, Marine and Energy industries. We will have an increasing focus on clean energy and green solutions, and we will have Temasek as a direct and significant shareholder to support our future growth.”
Read the article online at: https://www.worldpipelines.com/business-news/11082020/sembcorp-marine-to-proceed-with-s21-billion-renounceable-underwritten-rights-issue-and-demerger/
You might also like
The World Pipelines Podcast - Protecting high value assets with AMPP
Juan Caballero, Chair of the AMPP Board of Directors, talks about AMPP's global efforts to prevent corrosion and to protect assets, offering insight into how the association listens to its members and serves the pipeline industry.
Tune in to the World Pipelines Podcast on your favourite podcast app today.
