Advertisement
Singapore markets closed

  • Straits Times Index

    3,410.81
    -29.07 (-0.85%)
     

  • Nikkei

    40,912.37
    -1.28 (-0.00%)
     

  • Hang Seng

    17,799.61
    -228.67 (-1.27%)
     

  • FTSE 100

    8,203.93
    -37.33 (-0.45%)
     

  • Bitcoin USD

    56,661.23
    -1,709.93 (-2.93%)
     

  • CMC Crypto 200

    1,173.44
    -35.25 (-2.92%)
     

  • S&P 500

    5,567.19
    +30.17 (+0.54%)
     

  • Dow

    39,375.87
    +67.87 (+0.17%)
     

  • Nasdaq

    18,352.76
    +164.46 (+0.90%)
     

  • Gold

    2,399.80
    +30.40 (+1.28%)
     

  • Crude Oil

    83.44
    -0.44 (-0.52%)
     

  • 10-Yr Bond

    4.2720
    -0.0830 (-1.91%)
     

  • FTSE Bursa Malaysia

    1,611.02
    -5.73 (-0.35%)
     

  • Jakarta Composite Index

    7,253.37
    +32.48 (+0.45%)
     

  • PSE Index

    6,492.75
    -14.74 (-0.23%)
     

SembMarine shareholders approve merger with Keppel O&M by 95.3%

Felicia Tan
·1-min read

Shareholders holding 95.3% of the total shares in SembMarine voted for the merger with Keppel O&M.

Sembcorp Marine's (SembMarine) shareholders have spoken, with shareholders holding 95.3% of the total shares in the company voting for the merger between itself and Keppel Corporation's offshore & marine (O&M) arm.

The group held its extraordinary general meeting (EGM) at 11am on Feb 16.

Analysts were previously positive about the merger following the group's announcement of its EGM. In the same announcement, the group revealed its updates for its new management as well. To HSBC Global Research analyst Rahul Bhatia, the merger is the "next catalyst" for SembMarine while PhillipCapital's Paul Chew noted the clarity will remove any overhang on Keppel's share price.

ADVERTISEMENT

On June 24, 2021, Keppel Corporation and SembMarine entered into a non-binding memorandum of understanding (MOU) to combine Keppel Corp’s offshore & marine (O&M) arm and SembMarine.

Both companies entered into definitive agreements for the proposed combination on April 27, 2022.

The completion of the acquisition is slated to take place on or before Feb 28.

As at 3.02pm, shares in SembMarine are trading at 13.5 cents after its trading halt on the morning of Feb 16. Shares in Keppel Corp are trading 6 cents higher or 0.85% up at $7.14.

See Also: