Commentary

Sembmarine's rights issue is an opportunity for minority shareholders

The rights issue will give the group full assurance of raising the $1.5 billion it critically requires.PHOTO: SEMBCORP MARINE

SINGAPORE - Sembcorp Marine's (Sembmarine) share price has been brutally bashed down after the company announced its $1.5 billion rights issue on June 24.

As at Monday (July 26), the stock was down over 50 per cent from the 19.1 cent level when the announcement was made. The selldown reflects the unhappiness among minority shareholders who, less than a year ago, had to cough up cash for a massive $2.1 billion rights issue.

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