Franklin raises SembMarine stake with S$1.82m share purchases by its funds

US FUND manager Franklin Resources has become a substantial shareholder of Sembcorp Marine (SembMarine) after its two funds - Templeton International and Templeton Worldwide - bought S$1.82 million in additional shares in the yard group on March 2.

In a regulatory filing, Franklin Resources said it has raised its total deemed interest to 5.03 per cent from 4.97 per cent after the funds snapped up 1.15 million shares in all. The purchases bring the average price of a share to S$1.58.

Shares of SembMarine closed at S$1.655 on March 3, up 7.5 Singapore cents or 4.75 per cent.