Startree Investments, an indirect wholly-owned subsidiary of Temasek Holdings, says its mandatory general conditional cash offer (MGO) for Sembcorp Marine (SembMarine) has been declared unconditional in all respects on Nov 1.

According to a statement, Startree had received valid acceptances of 1.25 billion offer shares, or 3.98% of the total number of issued shares.

Following the acceptances, Startree has acquired a total of some 15.88 billion shares, representing some 50.594% of the total number of issue shares and around 50.59% of the maximum potential issued share capital of the company.

Accordingly, the minimum acceptance condition has been satisfied, with the MGO being declared unconditional.

The MGO will remain open for acceptance till 5.30pm on Nov 3.

On Sept 22, Startree announced that it was making a mandatory conditional general cash offer to acquire the remaining shares in SembMarine it does not already own at 8 cents per share.

See: Temasek announces general offer for Sembcorp Marine at 8 cents per share in cash

Morgan Stanley Asia (Singapore) has been appointed as sole financial adviser to Startree in connection with the MGO. 

Shares in SembMarine closed flat at 7.9 cents on Nov 1.

Photo: SembMarine