Sias seeks answers from Sembcorp and Sembmarine ahead of EGMs
Investor group asks if other options have been looked into, such as privatising SCM
Angela Tan
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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