Sembmarine shareholders vote overwhelmingly in favour of demerger at EGM
SHAREHOLDERS of Sembcorp Marine (SMM) have voted overwhelmingly in favour of the two resolutions at the extraordinary general meeting (EGM) under the proposed S$2.1 billion recapitalisation plan that will see it demerge from its parent company, Sembcorp Industries (SCI). Read more at The Business Times.
Tell us what you think. Email us email@example.comSMM said that the rights issue, although approved and passed by its shareholders, will"further depend on the outcome of the SCI distribution resolution" that has been tabled to investors.
In the days leading up to the EGM, both companies had called on their shareholders to vote in favour of the resolutions tabled at the EGM in order for the transaction to proceed.SMM stressed that funds from the recapitalisation would be key to fixing its"critical" liquidity needs, and that the rights issue would provide the company with the"much needed recapitalisation" to ride out the industry downturn, strengthen its balance sheet, and re-position the firm for long-term viability.
"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," SMM said.Both SCI and SMM had called for trading halts on Tuesday morning ahead of the EGMs. Shares of SMM last traded at 35 Singapore cents. headtopics.com
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