SINGAPORE - Loss-making shipyard group Sembcorp Marine stands to receive a $2.1 billion recapitalisation through a proposed rights issue that will be backed by parent Sembcorp Industries and Temasek Holdings.
SCI has undertaken to subscribe for up to $1.5 billion of rights shares by setting off the $1.5 billion outstanding under a subordinated loan extended to SembMarine. Temasek has agreed to sub-underwrite the remaining $0.6 billion. The announcement came after shares in SembMarine and SCI were halted from last Thursday, prompting speculation among some analysts about a potential deal between the two firms.
SCI has given an undertaking to vote in favour of the rights issue resolution at SembMarine's EGM. The proposed distribution and the rights issue are inter-conditional, and will only proceed if shareholder approvals are received for all resolutions at both companies' EGMs.
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