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Seatrium buys back more than 1.24 million shares as share price drops by nearly 10%

Seatrium is under probe by CAD and MAS in connection to potential breaches under Securities and Futures Act

Seatrium bought back more than 1.24 million shares on June 18 after its share price dropped nearly 10% following news that Singapore authorities are not done probing the company.

Seatrium shares ended June 18 at $1.51, down 9.58% for the day, bringing its drop year to date to more than 37%.

In an announcement on June 15, Seatrium says that the Monetary Authority of Singapore and the Commercial Affairs Department have on June 14 requested for information as part of their joint investigation on the company.

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The potential offences are in connection to the long-drawn bribery case in Brazil, dubbed Operation Car Wash.

According to Seatrium, the potential offences are committed by then Sembcorp Marine S51 and its "officers" under the Securities and Futures Act.

Just on March 28, Seatrium announced that the Attorney-General’s Chambers is agreeable to enter into a deferred prosecution agreement with a financial penalty of US$110 million, following probes made by the Corrupt Practices Investigation Bureau.

The DPA is not definitive yet and is subject to the approval of the court.

In May, the company announced a $100 million share buyback programme. It started doing so on June 4, paying $1.77 each for nearly 1.06 million shares.

 

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