Analysts and The Edge Singapore have pointed out that the Keppel Offshore & Marine (KOM) and Sembcorp Marine (SCM) combination benefits Keppel Corp more than SCM. On June 10, an SCM shareholder Philip Loh, has started a “votenoformerger” page. Two points - highlighted by The Edge Singapore following the April 27 announcement - the exchange ratio in the combined entity and a controversial $500 million payment are points of contention for Loh.
According to SCM's FY2021 annual report, as of March 8, one Philip Loh Chin Hwee holds 50.5 million shares, equivalent to 0.16% of the company.
Let’s go back a bit. On June 6, based on an SGX release, SCM's management answered questions related to the sale of SCM into a combined entity with Keppel Corp which was referred to as Bayberry in Keppel’s Chapter 10 announcement. On Apr 27, Keppel and SCM jointly announced they would set up Bayberry. All of SCM’s shares will be placed in Bayberry in exchange for a Bayberry share. That is, SCM shareholders will all get shares in Bayberry on a 1-to-1 basis. Bayberry will be listed on the SGX.