SINGAPORE - Sembcorp Industries and Sembcorp Marine are calling on their shareholders to vote in favour of the proposed $2.1 billion recapitalisation for the offshore and marine engineering group, and a demerger from each other that will result in Temasek Holdings having a direct stake in the marine arm.
Sembmarine said the rights issue will provide the company with the"much needed recapitalisation" to ride out the industry downturn, strengthen its balance sheet and reposition the company for its long-term viability. Sembmarine added that only a few of its bank facilities will be affected by a change in control. These banks collectively account for some $6.03 billion of loan and trade facilities that have been extended to Sembmarine thus far.
Although Sembcorp 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.
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