Investors pile into SembMarine, seeing it as a proxy play on Keppel

Singapore

WITH Temasek's partial offer to take its stake in conglomerate Keppel Corp to 51 per cent the talk of the town, investors are taking more interest in one of the conglomerate's proxies Sembcorp Marine (SembMarine).

The offshore and marine (O&M) player's stock advanced by as much as 5.2 per cent during Wednesday's early session, hitting a three-month high. Although the counter gave back some of those early gains, it still closed five Singapore cents or 3.7 per cent higher to S$1.40 on 30.4 million shares traded, one of the most active counters on the Singapore bourse.