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MarketScreener Homepage  >  Equities  >  Singapore Stock Exchange  >  Sembcorp Industries Ltd    U96   SG1R50925390

SEMBCORP INDUSTRIES LTD

(U96)
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Sembcorp Marine proposes $1.5 billion rights issue backed by parent, Temasek

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06/08/2020 | 04:48am EDT
Members of the media tour are seen on the helipad of Heerema Marine Contractors' Sleipnir, the world’s largest semi-submersible crane vessel, at the Sembcorp Marine shipyard in Singapore

Loss-making Sembcorp Marine unveiled plans for a S$2.1 billion ($1.5 billion) recapitalisation through a rights issue backed by the rig builder's parent firm, Sembcorp Industries, and state investor Temasek Holdings [TEM.UL].

Industrial conglomerate Sembcorp Industries also proposed to demerge Sembcorp Marine through a distribution of its stake in the rig builder to its shareholders after the rights issue.

"This recapitalisation will improve our cash position, fund ongoing financial commitments, strengthen our balance sheet and ensure long-term viability," said Wong Weng Sun, CEO of Sembcorp Marine.

The firm, which has suffered for the last few years due to a prolonged downturn in the rig-building sector, was last valued at about S$1.8 billion.

After the deal, Temasek, which is a large shareholder of Sembcorp Industries, will become a direct shareholder of Sembcorp Marine, with a stake of more than 29%.

Sembcorp Industries, which owns 61% of Sembcorp Marine, will subscribe for its share of S$1.27 billion in the rights issue and take up an additional S$0.23 billion if needed, by setting it off against an outstanding S$1.5 billion loan extended to Sembcorp Marine in 2019. It will not need to contribute cash as part of its rights subscription.

Temasek has agreed to sub-underwrite the remaining S$0.6 billion of the issue.

Monday's announcement came after shares in Sembcorp Marine and Sembcorp Industries were halted from last Thursday, prompting speculation among some analysts about a potential deal between the two firms.

(Reporting by Anshuman Daga and Aradhana Aravindan; Editing by Tom Hogue and Muralikumar Anantharaman)


Stocks mentioned in the article
ChangeLast1st jan.
LETS HOLDINGS GROUP CO., LTD. -2.43% 8.82 End-of-day quote.46.03%
LOOK HOLDINGS INCORPORATED 1.44% 984 End-of-day quote.-21.41%
SEMBCORP INDUSTRIES LTD 2.07% 1.48 End-of-day quote.-35.37%
SEMBCORP MARINE LTD -3.65% 0.132 End-of-day quote.-90.00%
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Financials
Sales 2020 7 384 M 5 431 M 5 431 M
Net income 2020 62,5 M 46,0 M 46,0 M
Net Debt 2020 7 695 M 5 660 M 5 660 M
P/E ratio 2020 19,2x
Yield 2020 2,01%
Capitalization 2 644 M 1 942 M 1 945 M
EV / Sales 2020 1,40x
EV / Sales 2021 1,50x
Nbr of Employees 16 482
Free-Float 99,2%
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Income Statement Evolution
Consensus
Sell
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Mean consensus BUY
Number of Analysts 11
Average target price 1,77 SGD
Last Close Price 1,48 SGD
Spread / Highest target 75,7%
Spread / Average Target 19,4%
Spread / Lowest Target -32,4%
EPS Revisions
Managers
NameTitle
Kim Yin Wong President & Chief Executive Officer
Kong Hua Ang Non-Executive Chairman
Meng Poh Ng Head-Global Operations Group
Graham John Cockroft Group Chief Financial Officer
Mohammed Hassan bin Marican Independent Non-Executive Director
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1st jan.Capitalization (M$)
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