Hot stock: Sembmarine up 6.3% amid heavy trading
Add BT as a preferred source
DeeperDive is a beta AI feature. Refer to full articles for the facts.
SHARES of Sembcorp Marine (Sembmarine) S51 jumped as much as 6.3 per cent amid heavy trading on Monday (Apr 4) morning.
The counter reached a high of S$0.102 at 9.29 am, rising 6.3 per cent or S$0.006. By 10.29 am, shares of Sembmarine were the top traded by volume with 110 million shares changing hands. The counter was up 4.2 per cent or S$0.004 to S$0.10 at the time.
Last week, Sembmarine and Keppel Corporation said more time and deliberation were needed to advance the proposed combination of Keppel Offshore & Marine (Keppel O&M) and Sembmarine, although "significant progress" has been made.
This came some 9 months after both parties first announced talks on potentially combining the entities. Both need to complete due diligence, reach a mutual agreement on the transaction terms and finalise definitive legal documentation.
On Mar 30, Sembmarine's shares dived after the group gave notice that it recorded 3 consecutive years of pre-tax losses.
The group has a 6-month average daily market capitalisation of S$2.6 billion as at Mar 28, which means the group still meets the financial entry criteria to avoid being placed on the Singapore Exchange's watch list.
Navigate Asia in
a new global order
Get the insights delivered to your inbox.
READ MORE:
- 'More time and deliberation' needed in potential combination of Keppel O&M, Sembmarine
- Sembmarine drops 4.9% after giving notice of 3 straight years of losses
Decoding Asia newsletter: your guide to navigating Asia in a new global order. Sign up here to get Decoding Asia newsletter. Delivered to your inbox. Free.
Copyright SPH Media. All rights reserved.
