Sembcorp Marine (SembMarine) has failed to win full support on its 5-for-1 rights issue.

Priced at 20 cents a share, SembMarine, on September 7, announced that it has received a total of 90.2% or 9.43 billion of valid acceptances and excess applications for its rights shares under the rights issue.

See also: Sembcorp Marine to raise $2.1 billion via rights issue; parent Sembcorp Industries to distribute stake in-specie to shareholders

The figures were tallied at the close of the rights issue on September 2.

This includes 7.5 billion rights shares, which represent some 72% of the 10.46 billion rights shares available under the rights issue. The shares comprise Sembcorp Industries’ pro rata rights shares and Sembcorp Industries’ excess rights shares, for which Sembcorp Industries had subscribed under the SCI undertaking agreement.

Startree, a wholly-owned subsidiary of Temasek has subscribed for the balance of 1.03 billion unsubscribed rights shares, in accordance with the sub-underwriting agreement.

SembMarine says the rights shares are expected to be credited to the securities accounts of its unitholders on or around September 11.

A total of 36.3 million “nil-paid” rights for the rights shares, which would otherwise have been allotted to ineligible shareholders, have been sold “nil-paid” on the main board of the SGX-ST during the “nil-paid” rights trading period.

Nil-paid rights refers to a renounceable right sold by the original owner to another investor.

According to SembMarine, the net proceeds of such sales will be pooled and distributed to ineligible shareholders in proportion to their respective shareholders.

Shares in SembMarine closed 0.2 cent higher, or 1.0% up, at 19.9 cents on September 7.

See also: Sembcorp Marine announces merger of subsidiaries