Sembmarine files notice of 3 straight years of losses again
RIG builder Sembcorp Marine (Sembmarine) has given notice that it continues to record pre-tax losses for three consecutive years.
It, however, meets the financial entry criteria to avoid being placed on the Singapore Exchange’s (SGX) watch list, as its six-month average daily market capitalisation as at Mar 31 was S$4.77 billion.
According to SGX listing rules, mainboard-listed companies will be placed on the watch list under the financial entry criteria if they record pre-tax losses for the three most recently completed consecutive financial years, and fail to maintain an average daily market cap of at least S$40 million over the last six months.
Companies on the watch list must take active steps to satisfy the financial requirements within 36 months from the date they are placed on the watch list.
That means recording a consolidated pre-tax profit for the most recently completed financial year, based on the latest full-year consolidated audited accounts, and having an average daily market cap of S$40 million or more over the last six months. Otherwise, they will be delisted from the SGX, or have their trading suspended with a view to delisting.
Sembmarine recorded a net loss of S$261 million for fiscal 2022, compared with a net loss of S$1.2 billion in FY2021.
Shares of Sembmarine closed on Friday S$0.004 or 3.5 per cent higher at S$0.119.
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