SembMarine not required to seek shareholders' approval for Cosco Shipyard stake sale

SEMBCORP Marine (SembMarine) will not be seeking the approval of its shareholders for the sale of its 30 per cent stake in Cosco Shipyard Group after obtaining approval from Singapore Exchange (SGX).

SembMarine had made an application to seek approval from SGX for the deal to be classified as a "disclosable transaction", which will mean that no shareholders' approval is required for the disposal.

SGX approved this on Nov 16, said the firm.

The group is selling the equity stake in the Chinese ship-repair, conversion and shipbuilding group for 1.06 billion yuan (S$218.5 million), and will use the net proceeds for working capital.