Hot stock: Sembmarine falls as much as 8.4% following approval of merger with Keppel O&M

SHARES of Sembcorp Marine (Sembmarine) fell on Monday (Feb 20) morning on heavy trading volumes, after the group’s shareholders voted in favour of its merger with Keppel Corporation’s offshore and marine unit, Keppel O&M, at an extraordinary general meeting (EGM) last Thursday.

The O&M giant declined as much as 8.4 per cent or S$0.011 to S$0.12 as at 10.41 am, after 307.4 million securities changed hands. The last time it traded near such levels was Oct 27, 2022. 

As at the midday trading break, it was the top-traded counter in terms of both volume and value, with 390.6 million shares worth S$48.6 million transacted. At the same time, shares of Keppel Corp also traded briskly, shedding 1.1 per cent or S$0.08 to S$7.19 after 4.7 million securities changed hands.