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SEMBCORP Marine (Sembmarine)'s board and top executives probably heaved a sigh of relief after shareholders of the beleaguered offshore and marine (O&M) company voted on Aug 23 to approve its controversial rights issue.
Clearing this crucial hurdle removed any doubt that Sembmarine would receive the S$1.5 billion it needs to see it through the next year - thanks to the support of the company's largest shareholder Temasek Holdings and rights issue underwriter DBS.
It remains to be seen how Sembmarine's minority shareholders respond to the rights issue, though. They have until Tuesday, Sept 14, to accept and pay for their rights shares.
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