SINGAPORE (THE BUSINESS TIMES) - The plan to demerge Sembcorp Industries and Sembcorp Marine (Sembmarine) will meet the loss-making marine unit's 'critical' liquidity needs, strengthen both companies' financial positions and is in the best interest of shareholders.. Read more at straitstimes.com.
SINGAPORE - The plan to demerge Sembcorp Industries and Sembcorp Marine will meet the loss-making marine unit's"critical" liquidity needs, strengthen both companies' financial positions and is in the best interest of shareholders.
The companies on Wednesday replied that they had earlier been exploring multiple options to recapitalise Sembmarine. The transaction was then proposed shortly after both the Covid-19 situation and the sudden drop in oil prices had triggered the immediate need for funds. All Sembcorp directors who hold shares in Sembmarine will abstain from voting on the whitewash resolution.
This was in response to Sias' question as to whether Sembmarine would consider taking on new debt given that interest rates have fallen substantially in recent months. Over the longer term, the company will diversify into clean energy growth areas, such as offshore wind, and expand into its established segments, such as the gas value chain.
It added that the settlement also provides value to Sembcorp, in the form of Sembmarine shares. All Sembcorp shareholders will benefit as well, as they will get the flexibility to calibrate their holdings in both companies once there is a clean demerger.
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