Sembcorp Industries and Sembcorp Marine (SembMarine) have jointly announced on Aug 11 that the recapitalisation of SembMarine through a proposed $2.1 billion renounceable rights issue, as well as the proposed demerger between both companies via a distribution in specie of SembCorp’s stake to SCI shareholders, have been approved by shareholders of both companies at their respective extraordinary general meetings (EGMs) earlier in the day.

See also: Conscious decoupling

An overwhelming 99.67% of Sembcorp Industries’ shareholders voted for the proposed distribution, while 98.76% of SembMarine’s shareholders voted for the proposed renounceable underwritten rights issue.

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