The Singapore Exchange has given its approval in principle for the merger of Sembcorp Marine with the offshore and marine business of Keppel Corporation (Keppel).
Sembcorp Marine will next seek the go-ahead from its shareholders at an extraordinary general meeting (EGM). The circular will be sent by Jan 31.
Under the proposed deal, which requires approval from its shareholders, Sembcorp Marine will issue up to 36,8 billion Keppel O&M consideration shares.
Keppel’s shareholders have already given their nod for the deal on Dec 8, with an overwhelming vote of 99.96%.
Sembcorp Marine closed on Jan 27 at 14 cents, up 2.9% for the day and up 77.5% over the past 12 months.
Keppel Corp shares closed on Jan 27 at $7.55, up 0.4% for the day and up 33.64% over the past year.
