Rights issue launched

摘要

SINGAPORE-BASED contractor Sembcorp Marine (Sembma-rine) has launched a rights issue as it battles market chal-lenges wrought by the corona-virus pandemic. Sembmarine, which is in negotiations with city state neighbour Keppel Corporation over a combination with Kep-pel's offshore and marine divi-sion, said it aims to raise S$1.5 billion (US$l.l billion) through a fully committed, renouncea-ble rights issue of up to 18.8 million new shares. The issue would be based on three new shares for every two existing shares held. Startree Investments, a wholly owned subsidiary of major shareholder Temasek, has committed to subscribing for its pro-rata 42.6% entitle-ment and excess rights, mean-ing its total subscription will be up to 67% of the rights issue. DBS Bank is underwriting the remaining 33% of the issue.