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OFS - Sembmarine looks to raise $1.5B as it exits Sembcorp Industries - July 2020
Singapore-based Sembcorp Marine, also known as Sembmarine, proposed a S$2.1 billion ($1.5 billion) renounceable rights issue in an effort to recapitalize amid the downturn. The transaction will be a demerger, separating Sembmarine from Sembcorp Industries. Sembcorp Industries will purchase 70% of the rights with investment firm Temasek Holdings agreeing to sub-underwrite the remainder. After the offering closes, Sembcorp Industries will distribute the new rights and the 60% stake it already holds in Sembmarine to......
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