SembMarine uses $430.0 mil of net proceeds from rights issue to repay loan facility

The company, on Aug 23, received approval from the majority of its shareholders to raise $1.5 billion through a renounceable underwritten rights issue with an issue price of 8 cents per rights share.

Startree Investments, a Temasek subsidiary, announced a mandatory conditional general cash offer to acquire the remaining shares in SembMarine it does not own, at 8 cents per share on Sept 22.

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Shares in SembMarine closed flat at 8.1 cents on Sept 24.

Photo: Bloomberg