Temasek's mandatory general offer for Sembmarine closes with 8% acceptances

TEMASEK'S mandatory general offer for Sembcorp Marine (Sembmarine) closed with 8 per cent acceptances on Wednesday (Nov 3).

This - taken together with the shares owned, controlled, or agreed to be acquired by Temasek and its concert parties - amounts to an aggregate of about 17.1 billion shares, representing about 54.6 per cent of the total number of issued shares, according to a bourse filing late on Wednesday (Nov 3).

On Sept 22, Startree Investments, a wholly-owned subsidiary of Temasek, announced that it was making a mandatory conditional general cash offer to acquire the remaining shares in Sembmarine that it does not already own, at 8 Singapore cents per share.

The offer follows Sembmarine's controversial S$1.5 billion rights issue which received shareholders' approval on Aug 23.

The offer price is in line with the rights issue price. Startree Investment's offer turned unconditional on Nov 1, after the total shares owned, controlled or agreed to be acquired by Temasek crossed the 50 per cent threshold.

Sembmarine remains listed on the Singapore Exchange following the close of the mandatory general offer.

Its shares ended Wednesday flat at S$0.079.