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this article is posted twice by 2 different bloggers. the huge drop in price is not justifiable when temasek said it is for the interest of the minority shareholders.
as some have said price should not be at this level, maybe 10-15% from $0.191

Joelton ( Date: 08-Jul-2021 09:39) Posted:

Three questions for Sembcorp Marine' s board in wake of recent proposals

THE board of Sembcorp Marine should provide a more thorough explanation for why its recent proposals - which were immediately followed by a slump in its already depressed share price - are in the interest of minority investors.

On June 24, Sembmarine announced plans to raise S$1.5 billion through a three-for-two rights issue at a deeply discounted price of S$0.08 per share.

The company said Temasek Holdings would subscribe for its 42.6 per cent entitlement and excess rights such that its total subscription would be up to 67 per cent of the rights issue. DBS is underwriting the remaining 33 per cent of the rights issue.

Sembmarine simultaneously announced that it would enter into negotiations to combine itself with the offshore and marine (O& M) arm of Keppel Corp.

Meanwhile, Keppel said it is working with a unit of Temasek to sell Keppel O& M' s legacy rigs and associated receivables to a separate entity that will be majority owned by external investors.

Keppel said that the proposed combination of its O& M arm with Sembmarine and the proposed sale of its legacy rigs are inter-conditional and will be pursued concurrently.

Most market watchers will probably find it hard not to view these proposals as a strategic move by Temasek to consolidate its O& M assets.

Sembmarine and Keppel both count Temasek as their single largest shareholder. Temasek has also directly involved itself in the transactions. And, perhaps most tellingly, the proposals were all announced on the same day.

Yet, many minority shareholders of Sembmarine may well be wondering if they have received the short end of the stick in this corporate exercise. Since the proposals were announced, Sembmarine' s shares have slumped 35 per cent. Keppel' s shares climbed as much as 9.6 per cent before pulling back.

This would not be the first time that Sembmarine has been involved in the unlocking of value at another company.

Last year, Sembmarine tapped its shareholders for S$2.1 billion, through a five-for-one rights issue at what was then a deeply discounted price of S$0.20 per share.

The bulk of the proceeds was used to repay a S$1.5 billion subordinated loan from its then-parent company Sembcorp Industries, in which Temasek holds a 49.5 per cent stake.

Sembmarine was then demerged from Sembcorp, through a distribution in-specie of Sembcorp' s controlling stake in the recapitalised Sembmarine.

Shares in Sembmarine went into a tailspin immediately after the rights issue and demerger were announced. Shares in Sembcorp have climbed more than 40 per cent.

This column is not suggesting that Sembmarine' s board has acted improperly, of course. There is not enough information to make that judgement. But the board does have a duty to act in the best interests of all its shareholders.

In the spirit of clearing the air, here are three broad questions the company should address:

Question 1: Why is another deeply discounted rights issue in the best interest of Sembmarine' s minority shareholders?

Sembmarine has said that the re-introduction of Covid-19 measures in 2021, including tighter border controls, has exacerbated the shortage of skilled manpower and delayed the scheduled completion of projects.

In particular, the company said it reached an agreement with Transocean in June to reschedule the delivery of two drillship construction contracts. This will result in the collection of some S$610 million being deferred from FY2021 and FY2022 to FY2023 and beyond.

Sembmarine said this has impacted its near-term working capital position, and alluded to " tightening funding support" from its lenders.

Yet, Sembmarine applauded the " collaborative spirit" of all parties involved to ensure the Transocean projects continue in spite of the challenges. The company also said it has not encountered any project cancellations so far.

In short, Sembmarine' s customers are not in trouble, and the revenue and cash flows it is expecting have not been lost but delayed.

Against this backdrop, is a deeply discounted rights issue underwritten by Temasek and DBS really the best way forward?

Did Sembmarine, for instance, explore the possibility of working with Temasek to fund its receivables from Transocean? Temasek is, after all, helping Keppel unload its legacy rigs and associated receivables.

Question 2: On what terms will Sembmarine and Keppel O& M be combined?

Sembmarine and Keppel have said the combined entity will be listed, and Sembmarine' s shareholders will hold shares in the combined entity while Keppel will receive shares in the combined entity and a cash payment of up to S$500 million.

Keppel has also said it plans to distribute any shares it receives in the combined entity to its shareholders. In addition, the group' s chief executive Loh Chin Hua said during a media and analyst briefing that the group plans to value Keppel O& M on a discounted cash flow basis.

Sembmarine should provide its shareholders with similar clarity on how its businesses will be valued in the combination exercise.

It should also provide some insight on how the S$500 million cash payment promised to Keppel might impact the combined entity' s capital raising needs once it is formed.

Question 3: What is the long-term plan for Sembmarine?

This is arguably the most important question of all.

Sembmarine' s board needs to demonstrate some leadership and convince the market that it is an active player in its own destiny, and not a passive vehicle for struggling Temasek-linked O& M assets.

It should make it clear that it is working towards delivering long-term returns that will surpass the immediate gains unlocked at Sembcorp and Keppel.

For starters, Sembmarine should sketch out its strategy for acquiring O& M assets as the industry consolidates. It should also outline the terms at which deals are likely to get done, and explain how it will ultimately extract value from any O& M assets it takes on.

Sembmarine should also provide a consistent narrative of its underlying competitive advantages, whether it has to do with its technical prowess in certain fields, its intellectual property, or even shifting geopolitical realities.

Shareholders of Sembmarine already know they are invested in a company that faces a tough road ahead. But they want to believe Sembmarine will eventually emerge a winner in the low-carbon global economy of the future.

Sembmarine' s board should offer them a vision of that future, and a good understanding of how the company plans to get there.

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you mean she is joking ???
Nagi Hamiyeh
Joint head, investment group head,
Portfolio Development
Temasek

As outlined by Keppel and Sembmarine on their discussions, it is the combined entity that would pay the consideration of up to S$500 million to Keppel from the combined asset base of Keppel O& M and Sembmarine, not just SembMarine' s, should the potential combination be approved. It is not correct to say that the proposed 2021 rights issue is to provide those funds to pay Keppel.

Silo1234 ( Date: 07-Jul-2021 23:03) Posted:

I dont have the answer if he is a joke or telling the right things ..............

but I know those who went in for the first rights were betrayed.............

ahbui8 ( Date: 07-Jul-2021 22:21) Posted:

This guy is a joke, still dare to defend that this 2nd round of rights issue transaction is not benefits temasek at the expense of minority shareholders.

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wkk, thanks.
what you said brought forward an important aspect, with the merger it does not matter kom or smm anymore. The opinion of the international market deemed it " Singapore Super-contractor" - One Entity. meaning the future success rate of ks marine is greater. those who believe the price will go below 8c or underscribed.
well, i am not sure. it is a merger of bases, technology, skill-set and all.

OPINION: Keppel O& M and Sembmarine merger could create Singapore super-contractor

https://www.upstreamonline.com/opinion/opinion-keppel-o-m-and-sembmarine-merger-could-create-singapore-super-contractor/2-1-1032397

weekaykee ( Date: 07-Jul-2021 15:43) Posted:

Based on the success rate of contract wins, agree that KOM CEO should take over the merged entity.

dcproperty ( Date: 07-Jul-2021 15:27) Posted:

We never know. Maybe Keppel O & M' s CEO is taking over upon merging... lol

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thanks for the video. unlike many who try to project a doom and gloom future of smm.
your observation maybe right. vol of buy up than selldown.
some call it distribution, to me it is accumulation.
om industry is booming.

Abe2021 ( Date: 07-Jul-2021 12:13) Posted:

Well, you maybe right with some of your facts but there are x-factor not within your reach.
KS Marine has pivoted toward clean energy about 50%.
Watch the video https://youtu.be/xqa1GEI2xEM

To say that fresh funds are not coming in, already shows your biasness.
What you perceived does not means that that is absolute.
" Trade summary shows a buy up yesterday and today" . Whoever that is trying to suppress the price will feel the forces.
Such a Mega-Marger at 8c, you are trying to make everyone believe that it will continue to go down south.
The market is confidence that this KS giant will rise again afterall the O& M industry is booming. Time to catch the rising tide.
Dyodd

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today 3pm the vol less than 100m.
whenever there is a buy up, the shortists will throw down.
just wait for the funds to come in.

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the shortists are not allowing the price to go up. liek you said unless more support come in.
look like management is releasing more news into the market.
price is v attractive.

TigerPlay ( Date: 06-Jul-2021 12:43) Posted:

Yes, is a must for it to go thru and beyond. imagine if u leave Scm and kepOm alone, cannot move and progress much. so the merger is good and a must, albeit the issuance of Scm right, is still a good move and very positive. i m supporter of the new entity, believe it will do well and the share will start to shoot up...but for now, Scm should be ding dong around 12cts or possible going towards 10cts if BB choose to bring it down, but there should be another body that support it and will not allow it to go very much below 12.4cts to make the right attractive later on...need more pp to be onboard beside TH.

Yatsa13 ( Date: 06-Jul-2021 11:56) Posted:

on 24 june after the merger was announcement, transacted shot up to 1b.
after temasek announced the potential compliance offer, and $230m contract win from brazilian shipyard and follow by partnership with sp group to integrate green energy at tuas boulevard yard, market is slowly warming up
looking at last few days of trading and ms trading announcement, they are in no hurry to push up the price. instead they allow the market to recover. that' s when people are asking what about the compliance offer?
now investors are not led by emotion. what is wrong with the merger ?
the world view it by Upstream
OPINION: Keppel O& M and Sembmarine merger could create Singapore super-contractor
Although the contractors have different niche specialities - Keppel O& M has historically focused on newbuild jack-up drilling rigs and conversions of floating storage and regasification units, while Sembmarine has constructed offshore platforms and floating production, storage and offloading vessels - a merger, and the expected streamlining, would help eliminate any duplication of skill sets.
A merger of Sembmarine and Keppel O& M - should it go ahead - could establish a super-contractor in Singapore for years to come.

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on 24 june after the merger was announcement, transacted shot up to 1b.
after temasek announced the potential compliance offer, and $230m contract win from brazilian shipyard and follow by partnership with sp group to integrate green energy at tuas boulevard yard, market is slowly warming up
looking at last few days of trading and ms trading announcement, they are in no hurry to push up the price. instead they allow the market to recover. that' s when people are asking what about the compliance offer?
now investors are not led by emotion. what is wrong with the merger ?
the world view it by Upstream
OPINION: Keppel O& M and Sembmarine merger could create Singapore super-contractor
Although the contractors have different niche specialities - Keppel O& M has historically focused on newbuild jack-up drilling rigs and conversions of floating storage and regasification units, while Sembmarine has constructed offshore platforms and floating production, storage and offloading vessels - a merger, and the expected streamlining, would help eliminate any duplication of skill sets.
A merger of Sembmarine and Keppel O& M - should it go ahead - could establish a super-contractor in Singapore for years to come.

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i felt at this moment, many are trying to make sense of it. everyone has their own agenda, including analysts that came out with damning reports.
28 June announced potential compliance offer, $230 million contract win from Brazilian shipyard and Semcorp Marine partners SP Group to integrate green energy tech at Tuas Boulevard Yard.
frankly i have not seen so many news being released on contract win, partenrship. those who have been in this thread should know better.
i felt all of the sudden smm is being energised.
such a mega size merger should be filled with excitement, instead we are hearing all the doom and gloom. it is like my friend saying everyone expect you to sell them your property at the same price you purchased it.
just like someone asking should enter now at $0.123 ? maybe you should come again when more contracts are announced or more partnership and collaboration.
don' t forget for decades, everyone has been waiting for the merger. now they are merging, and we said " dont bother trust the merger .... nothing is good, they are taking away your money. there is still uncertainty in the industry. many report the industry is booming oil is back to $76 a barrel.

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after the merger announcement, $230 million contract win from Brazilian shipyard. more contracts win will silence and augment the confidence of the market
also, many dismissed this new release about SEMBCORP MARINE PARTNERS SP GROUP TO INTEGRATE GREEN ENERGY TECH AT TUAS BOULEVARD YARD
once the price hold steady 50% - 100% of the issue price, we should be seeing support for the coming egm.
now the price is consolidating, the volume is ~ 100m
For sure, the coming weeks will be baptism of fire for Sembcorp Marine share price as the counter will be subjected to huge volatility. Then again, it is possible for investors to make money out of the volatility. The key is to be very clear of the chain of events
bargain hunters are waiting

tonyja ( Date: 06-Jul-2021 09:55) Posted:

It is a battle that Sembcorp Marine can ill-afford to lose. On 24 June, the announcement of the bombshell $1.5 billion rights issue led Sembcorp Marine share price to yet another dark chapter. Over the course of two weeks, Sembcorp Marine share price plunged by a staggering of nearly 35%. Given that the latest rights issue price is at an abysmal $0.08, it is reasonable to expect Sembcorp Marine to continue its disastrous run in the coming weeks.

The sentiments for Sembcorp Marine share price are so toxic that not even the news of the merger with Keppel Offshore Marine (KOM) can halt the stock slump. The news of the $230 million contract win from Brazilian shipyard, for modification work to be completed on the Floating Production Storage and Offloading (FPSO) P-71 oil and gas vessel, had temporarily provided some respite for the siege on Sembcorp Marine share price.

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It is important how the world view this merger.

OPINION: Keppel O& M and Sembmarine merger could create Singapore super-contractor
Although the contractors have different niche specialities &mdash Keppel O& M has historically focused on newbuild jack-up drilling rigs and conversions of floating storage and regasification units, while Sembmarine has constructed offshore platforms and floating production, storage and offloading vessels &mdash a merger, and the expected streamlining, would help eliminate any duplication of skill sets.
A merger of Sembmarine and Keppel O& M &mdash should it go ahead &mdash could establish a super-contractor in Singapore for years to come.

dcproperty ( Date: 06-Jul-2021 09:15) Posted:

Well, the silver lining from that article, i read is this.
Please allow me to quote two paragraphs from that article:-
Quote1
" In short. Temasek shelled out very little cash for its 42.6 per cent stake in Sembmarine - by my calculations, it effectively paid about S$205.7 million or just over 3.8 cents per share." Unquote

Quote 2
" It has agreed to subscribe for its 42.6 per cent entitlement and excess rights such that its total subscription will be up to 67 per cent of the rights issue - representing a total commitment of up to S$1billion." Unquote

********
Putting short or long asides, I just want to find my reason(s) to enter into this counter.

Yes, yesterday' s Business Times looks dooming sounds uncertainty. But the silver lining of that article reveals that TH is paying a higher price and willing to come out bigger commitment ($205.7m vs $1b). This means, it is not apple to apple comparison on previous rights issue

Next, that article also tells us the net gearing will be reduced to 0.25 times from 0.75 times. Of course, it will further enhance their capability after merging. Economies of scale cost further reduce etc....
So am i suppose to park money to this count at $0.123....?

Yatsa13 ( Date: 06-Jul-2021 08:19) Posted:

5 july article by ben paul, is thought provoking. he sees value with the merger. even in the midst of the excitement mega merger, market has been cautious and many are trying to cast doubts on the merger which is also talked about bargain hunters. should become clearly in the days to come.

To be clear, I am not suggesting that the combination of Sembmarine and Keppel O& M will not eventually create a big, globally competitive shipyard operator.

Amid the current over-capacity, however, and with shares in Sembmarine trading well below book value, it seems unlikely that the market will react positively to Sembmarine raising capital and trying to enlarge itself.

Investors might be more heartened to see Sembmarine shrinking itself, and perhaps obtaining a premium over book value for assets it puts on the block.

It would be interesting to see if Sembmarine changes tack and begins rightsizing itself after merging with Keppel O& M.

Whatever the case, that will probably be the moment for bargain hunters to take another look at Sembmarine. While a merger with Keppel O& M stoked excitement in Sembmarine in the past, it is more likely to elicit caution now.

dyodd

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5 july article by ben paul, is thought provoking. he sees value with the merger. even in the midst of the excitement mega merger, market has been cautious and many are trying to cast doubts on the merger which is also talked about bargain hunters. should become clearly in the days to come.

To be clear, I am not suggesting that the combination of Sembmarine and Keppel O& M will not eventually create a big, globally competitive shipyard operator.

Amid the current over-capacity, however, and with shares in Sembmarine trading well below book value, it seems unlikely that the market will react positively to Sembmarine raising capital and trying to enlarge itself.

Investors might be more heartened to see Sembmarine shrinking itself, and perhaps obtaining a premium over book value for assets it puts on the block.

It would be interesting to see if Sembmarine changes tack and begins rightsizing itself after merging with Keppel O& M.

Whatever the case, that will probably be the moment for bargain hunters to take another look at Sembmarine. While a merger with Keppel O& M stoked excitement in Sembmarine in the past, it is more likely to elicit caution now.

dyodd

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calmroom, what do you want them to say ? exactly, no one will know what is the true value and potential of smm.
after the merger, all the entities sci, kc and smm are more focused eg partnership with sp service and latest contracts win.

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many quoted ocbc target 8c and drown out the other analyst' s report. eg cgscimb (hold, target price S$0.226)
both ocbc and cgscimb were released on 25 june
find ocbc report rather ridiculous. not factoring the mega yard from kom -a 522,097sqm yard for offshore oil rig construction and repair, and a 799,116 sqm yard for shiprepairing , shipbuilding and marine construction. can someone provide the value of the yards.

Based on the preforma financials, Sembcorp Marine&rsquo s NTA post rights will be $4.9bn. we estimate TERP to be S$0.12. Long-term shareholders of Sembcorp Marine can take up the rights as the CE will be the only mega yard in the region, largely backed by Temasek with potential order book of S$7bn~8bn with capabilities spanning across repairs, rig building and offshore renewable capabilities. However, one has to stomach near-term challenges including wider losses in CE (integration costs) and hopes of a recovery in the O& M sector in the next two years amidst a sustained rise in oil prices

dyodd

Calmroom ( Date: 02-Jul-2021 10:45) Posted:

Thanks for sharing!
I like paragraph 6 best, the one about
how much of their order books
are for greener options.

Yatsa13 ( Date: 02-Jul-2021 10:32) Posted:

i believe many have given a bad or lousy report. personally find this report more balance compared to the rest. stayed vested. dyodd

IN a year dominated by landmark corporate reboots by Singapore' s bigwigs from the telco, energy, media to real estate and transport sectors, the latest idea by giants Keppel Corp and Sembcorp Marine (SembMarine) to create an offshore & marine (O& M) powerhouse through a merger of their O& M businesses may be hard to outshine.

Notwithstanding the scale of the mammoth merger or the ingenuity of its timing (an earlier round of restructuring by both firms have turned their O& M operations ripe for a union), it is a consolidation that the market has patiently waited for - and conjured up - for over two decades. For that reason, the memorandum of understanding between Keppel and SembMarine unveiled yesterday to combine their O& M businesses to capitalise on the booming energy transition could put markets in a tizzy, even if it is least surprising.

Let' s face it. Singapore does not need two offshore juggernauts, weather-beaten and loss making as they are from a prolonged oil slump, and not least because the real competition is out there (think, Korea and China). While the sharpest cut came from last year' s historic oil crash on the back of pandemic-led lockdowns which hurt energy demand, oil prices have never quite recovered from the 2015 downturn. That' s a long time for a business to stay in the doldrums.
A consolidation that could result in a leaner and tougher entity may be just the antidote to deal with a hostile climate bursting with competition, overcapacity and fewer jobs as a result of retreating oil prices.
So far this year, crude prices have risen over 70 per cent from a year ago, but the wider macro setting for the sector remains tough alongside the global energy sector' s transitions away from oil. But a sweet spot has emerged from the booming energy transition into clean energy which the merged entity hopes to capitalise on. It may not need to even work that hard given its operational and engineering heft, know how and geographical footprint arising from merger synergies.

Keppel and SembMarine have already made striking pivots to renewable energy. Of SembMarine' s net order book of S$1.82 billion as at end-2020, 50 per cent comprises orders for greener solutions. More than 80 per cent of Keppel O& M' s S$3.3 billion orderbook as at the same period involved renewables and cleaner fossil fuels such as liquefied natural gas. Both these firms were long known for their traditional business in the offshore drilling rigs business.

This deal could not have come sooner for SembMarine which has been in the red for three straight years. The firm has also been one of the hardest hit by the pandemic in terms of supply chain constraints and shortages of skilled workers which have impacted project execution and completion. The recent curbs, including border controls, have further worsened its manpower predicament.

And so, its proposed S$1.5 billion cash call announced on Thursday, which follows nine months after an earlier S$2.1 billion recapitalisation, to delever and plug temporary working capital gaps is a potential life saver, although shareholders may still begrudge the resultant massive dilution and heavily discounted rights issue price. The rights issue will be backstopped by Temasek Holdings and DBS.

The latest Keppel-SembMarine announcement serves as a nice finisher to an over year-long reform involving these key entities in Temasek' s portfolio. It began with a major de-merger unveiled in June last year that saw SembMarine part ways with its former parent company Sembcorp Industries.

For much of this year and last, the refreshed narrative of Keppel and Sembcorp, each guided by their multi-year blueprints to grow big into clean energy and sustainable solutions, have overshadowed SembMarine, which was shunned by investors given its cloudy outlook and dull prospects.

The merger - far from a done deal and for now held together by merely a non-binding MOU - could switch things up for the long-weary O& M entity. This is merely the start of a mammoth exercise that will stretch over many months but the end of the long road may be one to watch most closely.

x 0

i believe many have given a bad or lousy report. personally find this report more balance compared to the rest. stayed vested. dyodd

IN a year dominated by landmark corporate reboots by Singapore' s bigwigs from the telco, energy, media to real estate and transport sectors, the latest idea by giants Keppel Corp and Sembcorp Marine (SembMarine) to create an offshore & marine (O& M) powerhouse through a merger of their O& M businesses may be hard to outshine.

Notwithstanding the scale of the mammoth merger or the ingenuity of its timing (an earlier round of restructuring by both firms have turned their O& M operations ripe for a union), it is a consolidation that the market has patiently waited for - and conjured up - for over two decades. For that reason, the memorandum of understanding between Keppel and SembMarine unveiled yesterday to combine their O& M businesses to capitalise on the booming energy transition could put markets in a tizzy, even if it is least surprising.

Let' s face it. Singapore does not need two offshore juggernauts, weather-beaten and loss making as they are from a prolonged oil slump, and not least because the real competition is out there (think, Korea and China). While the sharpest cut came from last year' s historic oil crash on the back of pandemic-led lockdowns which hurt energy demand, oil prices have never quite recovered from the 2015 downturn. That' s a long time for a business to stay in the doldrums.
A consolidation that could result in a leaner and tougher entity may be just the antidote to deal with a hostile climate bursting with competition, overcapacity and fewer jobs as a result of retreating oil prices.
So far this year, crude prices have risen over 70 per cent from a year ago, but the wider macro setting for the sector remains tough alongside the global energy sector' s transitions away from oil. But a sweet spot has emerged from the booming energy transition into clean energy which the merged entity hopes to capitalise on. It may not need to even work that hard given its operational and engineering heft, know how and geographical footprint arising from merger synergies.

Keppel and SembMarine have already made striking pivots to renewable energy. Of SembMarine' s net order book of S$1.82 billion as at end-2020, 50 per cent comprises orders for greener solutions. More than 80 per cent of Keppel O& M' s S$3.3 billion orderbook as at the same period involved renewables and cleaner fossil fuels such as liquefied natural gas. Both these firms were long known for their traditional business in the offshore drilling rigs business.

This deal could not have come sooner for SembMarine which has been in the red for three straight years. The firm has also been one of the hardest hit by the pandemic in terms of supply chain constraints and shortages of skilled workers which have impacted project execution and completion. The recent curbs, including border controls, have further worsened its manpower predicament.

And so, its proposed S$1.5 billion cash call announced on Thursday, which follows nine months after an earlier S$2.1 billion recapitalisation, to delever and plug temporary working capital gaps is a potential life saver, although shareholders may still begrudge the resultant massive dilution and heavily discounted rights issue price. The rights issue will be backstopped by Temasek Holdings and DBS.

The latest Keppel-SembMarine announcement serves as a nice finisher to an over year-long reform involving these key entities in Temasek' s portfolio. It began with a major de-merger unveiled in June last year that saw SembMarine part ways with its former parent company Sembcorp Industries.

For much of this year and last, the refreshed narrative of Keppel and Sembcorp, each guided by their multi-year blueprints to grow big into clean energy and sustainable solutions, have overshadowed SembMarine, which was shunned by investors given its cloudy outlook and dull prospects.

The merger - far from a done deal and for now held together by merely a non-binding MOU - could switch things up for the long-weary O& M entity. This is merely the start of a mammoth exercise that will stretch over many months but the end of the long road may be one to watch most closely.

x 0

agreed we cannot dictate. everyone expect some credibility in the management. these are not some rubbish coys rather state owned
it is about sg reputation. someone mentioned poor management. absolutely true
understand there is a need to raise funds, investors have doubt on the term of the mou. that' s why the market is convulsing
these are the comments that many are saying.
surely both ceo and key people can do it better than to run down another state-owned coy.
that' s why weishent said sad a blue chip company is in this pathetic state.

mkaung2000 ( Date: 30-Jun-2021 17:22) Posted:

To be honest, we cannot control and dictate how the company should be run.
But, we can choose NOT to invest/trade in that company.
We cannot be stubborn.

x 0

ahbui8, understand how you feel. you are not the only one. trust me
totally a shit job

ahbui8 ( Date: 30-Jun-2021 17:12) Posted:

Yes market closed, SM closed at 0.120, dropped below TERP in less than a week and this is the first time I ever encountered a share can drop below TERP before CR, somemore this is a State fund backed company.

x 0

bro, you think it is funny !
rather sad. when you are given the power to do it and do not ..... it is a shame.
where is the legacy .... couldn' t all the key people set thing right.
there is nothing more to say. should not have came in. it is a game of card
if they do something, like what other forumers said forget about the rights.

weishent ( Date: 30-Jun-2021 16:44) Posted:

Shortist covering back now. very sad to see our once Blue chip stock attacked by shortist due to poor management

x 0

my friend told me. a company placed in watchlist and suspended from trading. during their agm, request for placment of shares.
he said is this some kind of joke in town.
agreed with you, sgx is not doing their duty as such you are right reputation rock bottom

ahbui8 ( Date: 30-Jun-2021 16:54) Posted:

SGX reputation already rock bottom after penny rout, now even state fund backed company also rout. 😂

x 0

not sad. totally nonsensical to paid the ceos to bring about such a shame to sg.
do we not have credible competent people ???
this is happening in our backyard. omg 😱
feel so ashamed that they have let us down. again and again.

weishent ( Date: 30-Jun-2021 16:44) Posted:

Shortist covering back now. very sad to see our once Blue chip stock attacked by shortist due to poor management

x 0

all parties involved in this merger is not doing justice. it is a serious breach.
how can they said it is in the interest of shareholders?

weishent ( Date: 30-Jun-2021 16:29) Posted:

Sadden when our home grown company being traded like its a 0.1 cent penny