Sias seeks answers from Sembcorp and Sembmarine ahead of EGMs
Investor group asks if other options have been looked into, such as privatising SCM
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Angela Tan
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THE Securities Investors Association Singapore (Sias) is seeking answers from Sembcorp Industries (SCI) and Sembcorp Marine (SCM) on why they are undertaking a S$2.1 billion recapitalisation and divorce amid poor economic conditions.
The investor group wants to know whether the two have explored other options, including a privatisation of SCM, and why they consider their proposed transaction the best option.
SCI and SCM have proposed a recapitalisation of Sembcorp Marine through a S$2.1 billion renounceable rights issue, and a proposed demerger of the two companies via a distribution in specie of SCI's stake in the recapitalised SCM to SCI shareholders.
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