Pursuant to the rights issue, Startree’s shareholding in Sembcorp Marine increased by 4% from 42.6% to 46.6%. In line with the requirements of The Singapore Code on Takeovers and Mergers, given the increase in shareholding by more than 1%, Startree is required to make a MGO at a price not less than the highest price it has acquired Sembcorp Marine shares in the six months preceding the MGO announcement.
Startree Investments, a wholly-owned subsidiary of Temasek Holdings, has announced a mandatory conditional general cash offer to acquire remaining shares in Sembcorp Marine it does not already own at 8 cents per share in cash on Sept 22.
The offer follows Sembcorp Marine’s $1.5 billion renounceable underwritten rights issue which received shareholders’ approval at an extraordinary general meeting held on August 23. The rights shares have been issued by Sembcorp Marine today.
