Temasek Holding’s mandatory conditional general cash offer at 8 cents per share for Sembcorp Marine shares it did not already own has closed.
As of Nov 3, the offer was accepted by SembMarine shareholders who held 8% of the shares, bringing Temasek and its concerted parties’ stake in the company to 54.6%.
Temasek’s MGO for SembMarine was triggered after an earlier rights issue raising $1.5 billion, where not all entitled shareholders took part – leaving Temasek to take up the remaining available rights shares.
With the close of the MGO, SembMarine will remain listed on SGX.
SembMarine closed Nov 3 at 7.9 cents, unchanged for the day and down by around 40% year to date.
see also: Temasek's offer for SembMarine turns unconditional
See also: Challenger Technologies' chairman improves privatisation offer to 60 cents per share