“If shareholders do not approve the transaction, SMM’s strenuous efforts to recapitalise and strengthen its balance sheet will be negated and the critical need to address our liquidity requirements will fail,” said SMM.
SMM noted that these banks are supportive of the transaction, and have indicated the continuation of bank facilities to be extended to the company. With the proposed recapitalisation, SMM said it expects banks to refinance existing borrowings and provide additional facilities. However, should the transaction fall through, banks are expected to refinance existing borrowings without providing additional financing.
Although SCI has not been bogged down by financial losses, it remains focused on unlocking value for shareholders through this transaction. It said the demerger would transform the company into a “focused energy and urban business” and allow it to allocate capital and resources solely to these businesses.
Both companies are set to convene their virtual EGMs on Aug 11. The SMM meeting will be held at 10am, while the SCI meeting will take place at 11.30am.
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