SINGAPORE (June 5): Sembcorp Marine (SembMarine) says its wholly-owned subsidiary Estaleiro Jurong Aracruz Ltda (EJA) has entered into a revolving facility agreement for up to US$500 million (S$698.6 million) with Standard Chartered bank.
Under the agreement, in the event where Sembcorp Industries (Sembcorp) ceases to be the majority shareholder of the company, the terms of the facility agreement will be reviewed. Both Sembcorp and Standard Chartered should reach an agreement pertaining to any amendments within 30 days for the commitment to still stand.
As of Friday, SembMarine’s level of loan and trade facilities that may be affected by the occurrence of a “change of control”, where Sembcorp directly or indirectly ceases to own more than 50% of the issued share capital of the company, amounts to some $6.03 billion.
Sembcorp Marine shares closed flat at 85 cents on Thursday.
