Sembcorp Marine rights issue undersubscribed

Temasek bought the remaining almost 1.03b unsubscribed rights shares.

Semcorp Marine’s rights issue was undersubscribed with valid acceptances and excess applications received for only about 9.4 billion rights shares, or only 90.2% of the 10.46 billion rights shares available, according to an SGX filing.

As a result, Temasek’s subsidiary Startree had to sweep in and subscribe the balance of more than 1.02 billion rights shares pursuant to the sub-underwriting agreement.

More than 36.34 million ‘nil-paid’ rights for rights shares which would otherwise have been provisionally allotted to ineligible shareholders have been sold ‘nil-paid’ on the main board of the SGX-ST during the ‘nil-paid’ rights trading period.

The company expects the 10.46 billion rights shares to be allotted and issued on or about 11 September.