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....