Sembcorp Marine’s wholly-owned subsidiaries Sembcorp Marine Integrated Yard Pte Ltd (SMIY) and Sembawang Shipyard Project Services Pte Ltd, have amalgamated according to Section 215D of the Companies Act.

SMIY is the surviving entity following the merger, which took effect on September 1.

SembMarine says the amalgamation is a result of an ongoing business review to streamline its corporate structure for better management control and operational efficiency.

The move is not expected to have a material impact on SembMarine’s net tangible assets per share and earnings per share for the current financial year ending December 31.

Shares in SembMarine closed 0.2 cent lower, or 1% down at 19.8 cents on September 3.