Sembmarine needs to offer its shareholders a grand gesture to garner support for merger
Investors may be more inclined to vote for the deal if the board of the combined entity comprises entirely new faces
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IT DIDN’T take Sembcorp Marine (Sembmarine) long to respond to an apparent campaign by a minority shareholder named Philip Loh to scupper the company’s proposed merger with the offshore and marine (O&M) arm of Keppel Corp.
Only a day after The Business Times reported that the dissident investor had laid out several reasons on his website (www.votenoformerger.com) to oppose the “highly disadvantageous” deal, Sembmarine put out a statement reiterating that the merger is the best pathway to unlocking long-term value.
The company also said it is maintaining an open dialogue with its shareholders, and encouraged all of them to attend a dialogue session organised with the Securities Investors Association (Singapore) on Jun 20.
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