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Hot stock: Sembmarine falls 8% as unit is probed for ‘alleged irregularities’

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Yong Hui Ting

Yong Hui Ting

Published Fri, Mar 24, 2023 · 03:50 PM
    • Estaleiro Jurong Aracruz, a shipyard in Brazil that is a subsidiary of Sembmarine (above), is being investigated for “alleged irregularities” in its practices.
    • Estaleiro Jurong Aracruz, a shipyard in Brazil that is a subsidiary of Sembmarine (above), is being investigated for “alleged irregularities” in its practices. PHOTO: BT FILE

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    SHARES of Sembcorp Marine (Sembmarine) ended Friday (Mar 24) down 8 per cent or S$0.009 at S$0.104, following news that one of its units is facing investigations.

    The counter was the second most heavily traded by value that day, and the most heavily traded by volume – with 769.2 million shares worth S$81.5 million changing hands. No married deals were recorded, according to ShareInvestor data.

    The company issued a notice on Friday morning that its wholly-owned subsidiary, Estaleiro Jurong Aracruz (EJA), was being investigated for “alleged irregularities” in its practices.

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