Shares & Derivatives
Temasek Takes Up Nearly Half of Sembmarine’s Rights Issue: What Are the Implications for Investors?
By The Smart Investor  •  September 23, 2021
Sembcorp Marine Ltd (SGX: S51), or SMM, had just concluded and announced the results of its massive rights issue, the second in 12 months. A total of around 18.8 billion rights shares were offered by the group this round. Of this amount, valid acceptances amounted to around 15.86 billion rights shares or 84% of the rights shares available. Excess applications of around 6.3 billion rights shares took the total subscription level to 22.17 billion, or 117% of the offer. Last Friday, Startree investments, a unit of Temasek Holdings, announced that it will take up 49.3% of the total rights, boosting its stake in the beleaguered oil and gas firm from 42.6% to 46.6%. As such, Temasek will have to make a general offer for the rest of the shares it does not own, and it will be the highest price that the investment firm paid for the shares — S$0.08. This general offer is to be made as part of the exchange’s rules....
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By The Smart Investor
The Smart Investor is co-founded by David Kuo, Joanna Sng, and Chin Hui Leong. The company was formed in late 2019 from the ashes of the Motley Fool Singapore. The Smart Investor believes that everybody can learn how to invest, smartly. We aim to educate people on how to invest smartly by providing investing education, stock commentary and market coverage for Singapore and around the world.
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