- Keppel O&M and Sembcorp Marine to merge into 1 entity (let’s call it X)
- X will be listed as a separate entity on the SGX
- Keppel Corp will receive shares in X (not decided whether this will be distributed to Keppel shareholders or held by Keppel directly)
- Sembcorp Marine shareholders will receive shares in X to replace their existing shares in Sembcorp Marine
- X will enter into a 50-50 JV with Keppel for future marine work
So… Keppel and Sembcorp Marine both called for trading halts this morning.
That’s when you know something big is brewing, and boy was it big.
Keppel Corp and Sembcorp Marine: What is going on?
To sum it up in 1 sentence: Keppel Offshore & Marine (O&M) and Sembcorp Marine will merge into 1 entity, which will be separately listed on the SGX.
Oh, and Sembcorp Marine is doing a massive $1.5 billion rights issue.
Keppel Offshore & Marine and Sembcorp Marine Merger
The details:
