The recent Sembcorp saga is the much talk about topic in town. I read in blogs, articles and forums and everyone is talking about the merger of Keppel Offshore and Marine (KOM) and Sembcorp Marine (SCM). Perhaps some investors are also tempted to invest because of the merger that can potentially drives up the share price for them to make a profit, disregarding the business fundamentals.

In theory, it is natural to think that as long as Temasek becomes a controlling shareholders of both Keppel and SCM, Temasek can decide on the merger. But in reality, it is not only up to Temasek or the shareholders of both companies!

source here

As an insider within this business for close to two decades in the Asia Pacific region and not just Singapore, there are many other issues that outside investors do not know and understand.