SembMarine shareholders approve merger with Keppel O&M by 95.3%

Felicia Tan
Felicia Tan2/16/2023 12:11 PM GMT+08  • 1 min read
SembMarine shareholders approve merger with Keppel O&M by 95.3%
Shareholders holding 95.3% of the total shares in SembMarine voted for the merger with Keppel O&M.
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Sembcorp Marine's (SembMarine) shareholders have spoken, with shareholders holding 95.3% of the total shares in the company voting for the merger between itself and Keppel Corporation's offshore & marine (O&M) arm.

The group held its extraordinary general meeting (EGM) at 11am on Feb 16.

Analysts were previously positive about the merger following the group's announcement of its EGM. In the same announcement, the group revealed its updates for its new management as well. To HSBC Global Research analyst Rahul Bhatia, the merger is the "next catalyst" for SembMarine while PhillipCapital's Paul Chew noted the clarity will remove any overhang on Keppel's share price.

On June 24, 2021, Keppel Corporation and SembMarine entered into a non-binding memorandum of understanding (MOU) to combine Keppel Corp’s offshore & marine (O&M) arm and SembMarine.

Both companies entered into definitive agreements for the proposed combination on April 27, 2022.

The completion of the acquisition is slated to take place on or before Feb 28.

See also: Manulife US REIT's manager confirms it is in discussions with Mirae Asset

As at 3.02pm, shares in SembMarine are trading at 13.5 cents after its trading halt on the morning of Feb 16. Shares in Keppel Corp are trading 6 cents higher or 0.85% up at $7.14.

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