SEMBCORP Industries (SCI) and Sembcorp Marine (Sembmarine) will convene their virtual extraordinary general meetings (EGMs) on Aug 11. Read more at The Business Times.
They may appoint the EGM chairman as proxy to attend, speak and vote on their behalf, if they wish to exercise their voting rights at the respective meetings.
Shareholders will not be allowed to attend the EGMs in person, SCI and SMM said in separate filings late Wednesday night.for the live audio-visual webcast or the live audio-only stream. The deadline to pre-register, submit questions in advance and submit proxy forms is Aug 8, 11.30am.from July 23, 10am. They have until Aug 8, 10am to do so.
Should the transaction fail, SMM said it will re-evaluate other options to obtain the “critical” funding it needs. But it warned thatif alternative sources of funding are not available in time and/or are insufficient. If approved, however, the rights issue will allow SMM to"chart a new way forward". With a stronger balance sheet, the marine engineering group expects to be able to fund ongoing commitments and compete for new high-value projects., as the improved debt position will open opportunities for more debt financing, and is not simply accounting treatment.
At Wednesday's close, SCI shares fell S$0.02 or 1.1 per cent to S$1.75 while SMM dropped S$0.01 or 2.3 per cent to S$0.425.For daily updates on weekdays and specially selected content for the weekend. Subscribe to
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