Under the proposal, Sembmarine will issue rights at 20 cents per rights share, representing a 31% discount to the theoretical ex-rights price based on a five-day volume weighted average price of 74 cents per share.
SINGAPORE (June 9): RHB Group Research analyst Leng Seng Choon is reiterating a “buy” call on Sembcorp Marine (Sembmarine) with a target price of $1.13, representing a 32.9% upside for the stock.
In a Tuesday report, Leng identifies the joint announcement by Sembmarine and Sembcorp Industries for a $2.1 billion recapitalisation and demerger as a “positive” for the company, especially in light of a tough business environment.
