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SembMarine uses $120.0 mil of net proceeds from rights issue for working capital purposes

Following this, SembMarine has around $600.0 million left from the $1.5 billion raised in 2021.

Sembcorp Marine (SembMarine), on Sept 27, says it has used another $120.0 million of its net proceeds for working capital purposes.

The company received approval from the majority of its shareholders on Aug 23, 2021, to raise $1.5 billion through a renounceable underwritten rights issue with an issue price of 8 cents per rights share in 2021.

Of the $120.0 million, $20.0 million was for the payment of materials and equipment while another $56.0 million was for the labour services of subcontractors.

The final $44.0 million went to pay SembMarine’s employees’ payroll and related expenses.

Following this, SembMarine has around $600.0 million left from the $1.5 billion raised.

The company, on Sept 27, 2021, used $430.0 million of the net proceeds raised to repay its loan facility.

On Nov 29, 2021, SembMarine used another $100.0 million for working capital purposes, same as the ones listed above.

The company had used a further $150.0 million to repay a loan facility on Dec 28, 2021, and used another $100.0 million for working capital purposes.

Shares in SembMarine closed 0.1 cent lower or 0.94% down at 10.6 cents on Sept 27.

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