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SembCorp Marine- The new Frontier. Post Reply Rate topic
better Elite	21-Oct-2021 15:08        better About Contact  Quote this Post!
x 0   x 0  Alert Admin	Before you execute your sell all transaction, can consider the following assessment of SCM' s NAV from an independent financial advisor, supported by asset valuation report from Deloitte after factoring worst case scenario H2 losses. Full report can be downloaded from SGX company announcements page. .2.2 Price-to-book (&ldquo P/NAV&rdquo ) ratio P/NAV ratio is a commonly used net asset backing approach which shows the extent to which the shares of a company are backed by its net assets. The NAV based valuation approach provides an estimate of the value of a company assuming the hypothetical sale of all its assets over a reasonable period of time and would be more relevant for asset-based companies or where the subject company intends to realise or convert the uses of all or most of its assets. Such a valuation approach would be particularly appropriate when applied in circumstances where the business is to cease operations or where the profitability of the business being valued is not sufficient to sustain an earnings-based valuation. As shown in Section 6.4.2 of this Letter, the estimated projected NAV per Share as at 31 December 2021 is S$0.1246. Based on the Offer Price of S$0.08 per Share, the P/NAV ratio of the Company is therefore 0.64 times, which implies that the valuation of the Company (implied by the Offer Price) is at a discount of 35.8% to the estimated projected NAV per Share. 8.2.3 P/RNAV ratio To the extent that a company has assets which have significant revaluation surplus arising from a potential valuation of these assets, the RNAV of the shares of the company would have to be considered. As set out in Section 7.1 of this Letter, the Valuer had estimated the Valuation of the Subject Assets as at the Valuation Date to be between approximately S$7.7 billion and S$8.8 billion, which gives rise to a net revaluation surplus of between approximately S$1.4 billion and S$2.5 billion, after taking into consideration the potential tax liabilities assuming a hypothetical sale of the Subject Assets as required under the Code. The Directors and Management have represented and confirmed that the Group has no immediate plans to dispose of its interests in the Subject Assets, and as such, the above tax liabilities are not likely to crystallise. 40 PROVENANCE CAPITAL PTE. LTD. 23 Arising from the net revaluation surplus, the RNAV per Share is significantly higher at approximately between S$0.17 and S$0.20 as set out in Section 7.2 above. Accordingly, the range of P/RNAV ratios of the Group implied by the Offer Price would be significantly lower at between 0.39 and 0.47 times, compared to the P/NAV ratio of 0.64 times as set out in Section 8.2.2 above. The above implies that the Offer Price is at a deep discount of approximately 53% to 61% below the RNAV of the Group as at 31 December 2021. We are of the view that consideration of the current market sentiment on listed securities in similar industry, in particular, the Comparable Companies, is relevant for our purposes in estimating the range of values for the Shares and evaluating the Offer. Taking into consideration the above, overall, on balance, we are of the view that for the purposes of the Offer, our estimated value range of the Shares is between S$0.125 and S$0.14, based on the mean and median P/NAV ratios of the Comparable Companies of 1.1 times, and the estimated projected NAV per Share of S$0.1246 as at 31 December 2021 which takes into consideration the recently completed Rights Issue and the expected losses for 2H2021. Hence, we are of the opinion that the Offer Price of S$0.08 is not fair and not reasonable, as it is below our estimated value range of the Shares. TigerPlay      ( Date: 21-Oct-2021 13:58) Posted: Maybe I should !! better      ( Date: 21-Oct-2021 12:26) Posted: You should sell all and run. The last time you did that, it rocketed.  After you bought back, it tanked. Maybe you could consider selling all. Your sacrifice will save us all.
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ckmpd1 Supreme	21-Oct-2021 15:03        ckmpd1 About Contact  Quote this Post!
x 0   x 0  Alert Admin	$5.47 looks like a good price to buy Kep Corp chart_expert123      ( Date: 21-Oct-2021 13:13) Posted: Below are calculations for you to consider: If you are holding SGD 50,000 Sembmar shares which total shares are 50,000/0.08 = 625,000Shares. As per sembmar share 31.8Bil shares, your % of holding is 0.001965%. If you sell and spend 50,000 to buy Keppel Cor shares, total share that you will have is around 50,000/5.5 = 9,090 shares. as per Keppel corp total share, 1.819Bil shares, your % of holding is 0.00049973%. If it is 50-50% JV, 2bil shares are issued equally to both party from new entity: Your holding by holding Sembmar will be 0.5x0.001965x2bil/100 = 19,650 shares for the new entity. Your holding by holding Keppel Corp will be 0.5x0.00049973x2bil/100 = 4,997 Shares for the new entity. At the same times, you are holding Keppel Corp 9,090 shares. If it is 70-30% for a non cash involved JV, 2 Bil shares are issued 60-40%. Your holding by holding Sembmar will be 0.3x0.001965x2bil/100 = 11,790 shares for the new entity. Your holding by holding Keppel Corp will be  0.7x0.00049973x2bil/100 = 6,996 Shares for the new entity. At the same times, you are holding Keppel Corp 9,090 shares. So, the lousy, loss making of 1.3Bil Sembmar shall only entity less than 30% only (10% is the best), they are not worth to stand as equal as Keppel Corp. To make 1.819Bil Keppel Corp shareholders happy, we are 80%!!!!!, please give a better deal or else we say not to Temasek who only have 20%. TH who hold 50% or more sembmar shares to stop pump in another 2.3Bil cash, understand it. It is better than winding up Sembmar and sell all assets to Keppel O& M and lose face too. Anyway, for your reference. Trade with care and do your due diligence. chart_expert123      ( Date: 21-Oct-2021 12:42) Posted: You always has another choice if you are still keeping a hope for the industry(sembmar is hopeless). BUY KEPPEL CORP FOR FREE SHARES. Temasek' s intension to merge Keppel O& M and Sembmar is compulsory. the JV shares, will be either 50-50% if combined entity is willing to pay extra cash(more than 500mio) to compensate economic effect which Keppel O& M is superior than Sembmar based on Order Books, Branding and Profit Margin. If non cash involve, then keppel corp share holders will get more than 50%, it may be 55, 60 or even 70% or more. Worst case is Sembmar file bankruptcy protection and move in JD, the company which will be commanded by Temasek to buy over all the assets from Sembmar will be Keppel O& M who are holding the experience to manage it. So you worry is just a nonsense, just you are willing to step forward, sell it and buy keppel corp shares only.  I guarantee after your selling on Sembmar and Keppel Corp, you will be joining us to watch the show comfortably in next 1 year and eventually be the winner of receive FREE SHARES which is MORE THAN 50% of new entity after the merge, PLUS enjoying the further action for M1 and SPH Potential development. All are positives and you will be positives as well
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ckmpd1 Supreme	21-Oct-2021 14:44        ckmpd1 About Contact  Quote this Post!
x 0   x 0  Alert Admin	Chagatai      ( Date: 21-Oct-2021 14:02) Posted: I take a few shots of Vodka and decide the fate of this sad affair
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ckmpd1 Supreme	21-Oct-2021 14:43        ckmpd1 About Contact  Quote this Post!
x 0   x 0  Alert Admin	Do your due diligence.  All the best TigerPlay      ( Date: 21-Oct-2021 13:58) Posted: Maybe I should !! better      ( Date: 21-Oct-2021 12:26) Posted: You should sell all and run. The last time you did that, it rocketed.  After you bought back, it tanked. Maybe you could consider selling all. Your sacrifice will save us all.
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ckmpd1 Supreme	21-Oct-2021 14:42        ckmpd1 About Contact  Quote this Post!
x 0   x 0  Alert Admin	There is a likelihood that MGO may not go through.  That is why it is called a conditional MGO chart_expert123      ( Date: 21-Oct-2021 13:50) Posted: i think TH is not willing to MGO Sembmar. Once 100% owned, all the debts are become sole ownership.  if still remain listed, the most move into file bankruptcy and JD, sell off assets and pay to respective creditors and liability holders, the payment will be much lower than 50%, of course customers are 1st to pay, bond honders are last to pay and may evenutally get nothing. Bond holders unfortunately are mainly singapore local banks. So, after taking over rigs and vessels from Ezion, Ezra, swiber and etc, now banks may need to take over shipyards.   ahbui8      ( Date: 21-Oct-2021 13:38) Posted: This counter still not yet gone case, depend on SH, those want surrender half or cut down, should sell to TH, if all want to sell, sell to TH. After MGO, the price will be strongly standing at 8cts.
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ckmpd1 Supreme	21-Oct-2021 14:40        ckmpd1 About Contact  Quote this Post!
x 0   x 0  Alert Admin	It is good to share what you know of SMM and the consequences of not able to complete its projects on time.  It is a merciless world out there.  The other company will sue until SMM' s pants drop if it fails to fulfil its obligations chart_expert123      ( Date: 21-Oct-2021 13:42) Posted: https://www.offshore-mag.com/rigs-vessels/article/16792680/sembcorp-to-pay-allseas-vessel-compensation   (Asia-Pacific) - SembCorp Industries has agreed to pay $424.8 million to Swiss group Allseas to settle more than a 10-year old dispute over the conversion of a vessel into a pipelay vessel. Allseas had commissioned SembCorp' s subsidiary Sembawang Corp Ltd. to convert bulk carrier Solitaire into a pipe lay vessel in 1993. But it terminated the $142.34 million contract two years later, alleging that SembCorp had failed to complete the work on time. unquote---------------------------------------------------------------------------------------------------- Apologise for the figures for Solitaire case. I just would like to highlight the impact of international Contracts are not like Singapore BCA contract for construction which always capped at 10% per annum as max or less. Offshore international contracts will include all the damages incurred as compensation if the contacts is not signed properly with limited liability damages. So don' t play play for the impact of covid 19 to Sembmar and Keppel O& M as well.    chart_expert123      ( Date: 21-Oct-2021 13:34) Posted: My advise is stay away Sembmar, i strongly believe they had signed contract without any cap of liquidated damages. Based on 1997 solitaire case, Allseas with Sembcorp, the conversion contract worth around 230Mio, at the end Sembcorp lose in the courts and compensate 470mio to Allseas for all the incurred losses claimed by All seas. I worry, the lose from Sembmar may not stop here. I also quite worry with Keppel Corp. Hopefully Keppel corp as what their CEO said, only signed contracts which are profitable, low risks, good payment term and limited LD.  Or else, i believe keppel corp will agree the merge deals quickly to discharge the Keppel O& M as a toxic away from Keppel Corps. Anyway. trade with care
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ckmpd1 Supreme	21-Oct-2021 14:38        ckmpd1 About Contact  Quote this Post!
x 0   x 0  Alert Admin	you have good indepth knowledge of the oil and marine industry.  Thank you for your sharing chart_expert123      ( Date: 21-Oct-2021 13:34) Posted: My advise is stay away Sembmar, i strongly believe they had signed contract without any cap of liquidated damages. Based on 1997 solitaire case, Allseas with Sembcorp, the conversion contract worth around 230Mio, at the end Sembcorp lose in the courts and compensate 470mio to Allseas for all the incurred losses claimed by All seas. I worry, the lose from Sembmar may not stop here. I also quite worry with Keppel Corp. Hopefully Keppel corp as what their CEO said, only signed contracts which are profitable, low risks, good payment term and limited LD.  Or else, i believe keppel corp will agree the merge deals quickly to discharge the Keppel O& M as a toxic away from Keppel Corps. Anyway. trade with care. chart_expert123      ( Date: 21-Oct-2021 13:27) Posted: In fact, no matter what will be the outcome, we are here to invest instead of gamble. Don' t park our hard earn money on high risk counter, SGX is zombie exchange, Oil counters in sgx, all bankrupt already, Sembmar in fact is at the edge, When sembmar said to raise 1.5bil is for the 647mio loss making due to covid 19 for 1H2021. It mean another 647mio in 2H 2021, total 1.3Bil already fully burnt off in 2021, as we know, payment term is always 60-90 days nowafays. So, in fact, there are no much money left for the 1.5Bil. The merge deal is already sour and unfair to Keppel Corp now.
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ckmpd1 Supreme	21-Oct-2021 14:36        ckmpd1 About Contact  Quote this Post!
x 0   x 0  Alert Admin	well said. some forumners who bought at 8.7c, 8.4c cant stand reading your factual analysis.    chart_expert123      ( Date: 21-Oct-2021 13:27) Posted: In fact, no matter what will be the outcome, we are here to invest instead of gamble. Don' t park our hard earn money on high risk counter, SGX is zombie exchange, Oil counters in sgx, all bankrupt already, Sembmar in fact is at the edge, When sembmar said to raise 1.5bil is for the 647mio loss making due to covid 19 for 1H2021. It mean another 647mio in 2H 2021, total 1.3Bil already fully burnt off in 2021, as we know, payment term is always 60-90 days nowafays. So, in fact, there are no much money left for the 1.5Bil. The merge deal is already sour and unfair to Keppel Corp now.    chart_expert123      ( Date: 21-Oct-2021 13:19) Posted: Keppel O& M is PROFITABLE and Order Book 5.7Bil Sembmar is LOSE MAKING 1.3Bil and Order Book 1.7Bil. What 50-50 JV? No qualified at all. minimum 30-70% JV. or else, wait for Sembmar to JD next year and buy sembmar assets as cheap and leave all the debts and toxic contracts for TH to settle with Creditors and various customer. Keppel O& M then discharge from Keppel Corp and Keppel Corp shareholders entitled 100% of shareholding as free!!!!
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ckmpd1 Supreme	21-Oct-2021 14:34        ckmpd1 About Contact  Quote this Post!
x 0   x 0  Alert Admin	chart_expert123      ( Date: 21-Oct-2021 13:19) Posted: Keppel O& M is PROFITABLE and Order Book 5.7Bil Sembmar is LOSE MAKING 1.3Bil and Order Book 1.7Bil. What 50-50 JV? No qualified at all. minimum 30-70% JV. or else, wait for Sembmar to JD next year and buy sembmar assets as cheap and leave all the debts and toxic contracts for TH to settle with Creditors and various customer. Keppel O& M then discharge from Keppel Corp and Keppel Corp shareholders entitled 100% of shareholding as free!!!!! chart_expert123      ( Date: 21-Oct-2021 13:13) Posted: Below are calculations for you to consider: If you are holding SGD 50,000 Sembmar shares which total shares are 50,000/0.08 = 625,000Shares. As per sembmar share 31.8Bil shares, your % of holding is 0.001965%. If you sell and spend 50,000 to buy Keppel Cor shares, total share that you will have is around 50,000/5.5 = 9,090 shares. as per Keppel corp total share, 1.819Bil shares, your % of holding is 0.00049973%. If it is 50-50% JV, 2bil shares are issued equally to both party from new entity: Your holding by holding Sembmar will be 0.5x0.001965x2bil/100 = 19,650 shares for the new entity. Your holding by holding Keppel Corp will be 0.5x0.00049973x2bil/100 = 4,997 Shares for the new entity. At the same times, you are holding Keppel Corp 9,090 shares. If it is 70-30% for a non cash involved JV, 2 Bil shares are issued 60-40%. Your holding by holding Sembmar will be 0.3x0.001965x2bil/100 = 11,790 shares for the new entity. Your holding by holding Keppel Corp will be  0.7x0.00049973x2bil/100 = 6,996 Shares for the new entity. At the same times, you are holding Keppel Corp 9,090 shares. So, the lousy, loss making of 1.3Bil Sembmar shall only entity less than 30% only (10% is the best), they are not worth to stand as equal as Keppel Corp. To make 1.819Bil Keppel Corp shareholders happy, we are 80%!!!!!, please give a better deal or else we say not to Temasek who only have 20%. TH who hold 50% or more sembmar shares to stop pump in another 2.3Bil cash, understand it. It is better than winding up Sembmar and sell all assets to Keppel O& M and lose face too. Anyway, for your reference. Trade with care and do your due diligence
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Chagatai Veteran	21-Oct-2021 14:05        Chagatai About Contact  Quote this Post!
x 0   x 0  Alert Admin	Thanks for the laughs Starship lol 😂 😂 lol
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Chagatai Veteran	21-Oct-2021 14:04        Chagatai About Contact  Quote this Post!
x 0   x 0  Alert Admin	I been played out from 1.50 to 20c to 8c.. I am Just Tired
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Chagatai Veteran	21-Oct-2021 14:02        Chagatai About Contact  Quote this Post!
x 0   x 0  Alert Admin	I take a few shots of Vodka and decide the fate of this sad affair
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Chagatai Veteran	21-Oct-2021 14:00        Chagatai About Contact  Quote this Post!
x 0   x 0  Alert Admin	Lol 😂 😂 lol This is the Best description yet Starship Sir Brilliant poignant acute reality Starship      ( Date: 21-Oct-2021 13:18) Posted: mrwise      ( Date: 21-Oct-2021 11:19) Posted: Lousy counter!!! Better run first!! Better ones eslewhere to invest!! Your money u decide!!
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TigerPlay Master	21-Oct-2021 13:58        TigerPlay About Contact  Quote this Post!
x 0   x 0  Alert Admin	Maybe I should !! better      ( Date: 21-Oct-2021 12:26) Posted: You should sell all and run. The last time you did that, it rocketed.  After you bought back, it tanked. Maybe you could consider selling all. Your sacrifice will save us all.  TigerPlay      ( Date: 21-Oct-2021 11:23) Posted: Yes, all the negative talk and energy here make me panic laiow leh, later my money all gone with the wind....thinking thinking ...should I show hand all and run too?
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chart_expert123 Master	21-Oct-2021 13:50        chart_expert123 About Contact  Quote this Post!   Yells: "Only buy stock with revenue or net cash flow growth!!!!"
x 0   x 0  Alert Admin	i think TH is not willing to MGO Sembmar. Once 100% owned, all the debts are become sole ownership.  if still remain listed, the most move into file bankruptcy and JD, sell off assets and pay to respective creditors and liability holders, the payment will be much lower than 50%, of course customers are 1st to pay, bond honders are last to pay and may evenutally get nothing. Bond holders unfortunately are mainly singapore local banks. So, after taking over rigs and vessels from Ezion, Ezra, swiber and etc, now banks may need to take over shipyards.   ahbui8      ( Date: 21-Oct-2021 13:38) Posted: This counter still not yet gone case, depend on SH, those want surrender half or cut down, should sell to TH, if all want to sell, sell to TH. After MGO, the price will be strongly standing at 8cts.
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chart_expert123 Master	21-Oct-2021 13:42        chart_expert123 About Contact  Quote this Post!   Yells: "Only buy stock with revenue or net cash flow growth!!!!"
x 0   x 0  Alert Admin	https://www.offshore-mag.com/rigs-vessels/article/16792680/sembcorp-to-pay-allseas-vessel-compensation   (Asia-Pacific) - SembCorp Industries has agreed to pay $424.8 million to Swiss group Allseas to settle more than a 10-year old dispute over the conversion of a vessel into a pipelay vessel. Allseas had commissioned SembCorp' s subsidiary Sembawang Corp Ltd. to convert bulk carrier Solitaire into a pipe lay vessel in 1993. But it terminated the $142.34 million contract two years later, alleging that SembCorp had failed to complete the work on time. unquote---------------------------------------------------------------------------------------------------- Apologise for the figures for Solitaire case. I just would like to highlight the impact of international Contracts are not like Singapore BCA contract for construction which always capped at 10% per annum as max or less. Offshore international contracts will include all the damages incurred as compensation if the contacts is not signed properly with limited liability damages. So don' t play play for the impact of covid 19 to Sembmar and Keppel O& M as well.    chart_expert123      ( Date: 21-Oct-2021 13:34) Posted: My advise is stay away Sembmar, i strongly believe they had signed contract without any cap of liquidated damages. Based on 1997 solitaire case, Allseas with Sembcorp, the conversion contract worth around 230Mio, at the end Sembcorp lose in the courts and compensate 470mio to Allseas for all the incurred losses claimed by All seas. I worry, the lose from Sembmar may not stop here. I also quite worry with Keppel Corp. Hopefully Keppel corp as what their CEO said, only signed contracts which are profitable, low risks, good payment term and limited LD.  Or else, i believe keppel corp will agree the merge deals quickly to discharge the Keppel O& M as a toxic away from Keppel Corps. Anyway. trade with care. chart_expert123      ( Date: 21-Oct-2021 13:27) Posted: In fact, no matter what will be the outcome, we are here to invest instead of gamble. Don' t park our hard earn money on high risk counter, SGX is zombie exchange, Oil counters in sgx, all bankrupt already, Sembmar in fact is at the edge, When sembmar said to raise 1.5bil is for the 647mio loss making due to covid 19 for 1H2021. It mean another 647mio in 2H 2021, total 1.3Bil already fully burnt off in 2021, as we know, payment term is always 60-90 days nowafays. So, in fact, there are no much money left for the 1.5Bil. The merge deal is already sour and unfair to Keppel Corp now.
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ahbui8 Master	21-Oct-2021 13:38        ahbui8 About Contact  Quote this Post!
x 0   x 0  Alert Admin	This counter still not yet gone case, depend on SH, those want surrender half or cut down, should sell to TH, if all want to sell, sell to TH. After MGO, the price will be strongly standing at 8cts.
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chart_expert123 Master	21-Oct-2021 13:34        chart_expert123 About Contact  Quote this Post!   Yells: "Only buy stock with revenue or net cash flow growth!!!!"
x 0   x 0  Alert Admin	My advise is stay away Sembmar, i strongly believe they had signed contract without any cap of liquidated damages. Based on 1997 solitaire case, Allseas with Sembcorp, the conversion contract worth around 230Mio, at the end Sembcorp lose in the courts and compensate 470mio to Allseas for all the incurred losses claimed by All seas. I worry, the lose from Sembmar may not stop here. I also quite worry with Keppel Corp. Hopefully Keppel corp as what their CEO said, only signed contracts which are profitable, low risks, good payment term and limited LD.  Or else, i believe keppel corp will agree the merge deals quickly to discharge the Keppel O& M as a toxic away from Keppel Corps. Anyway. trade with care. chart_expert123      ( Date: 21-Oct-2021 13:27) Posted: In fact, no matter what will be the outcome, we are here to invest instead of gamble. Don' t park our hard earn money on high risk counter, SGX is zombie exchange, Oil counters in sgx, all bankrupt already, Sembmar in fact is at the edge, When sembmar said to raise 1.5bil is for the 647mio loss making due to covid 19 for 1H2021. It mean another 647mio in 2H 2021, total 1.3Bil already fully burnt off in 2021, as we know, payment term is always 60-90 days nowafays. So, in fact, there are no much money left for the 1.5Bil. The merge deal is already sour and unfair to Keppel Corp now.    chart_expert123      ( Date: 21-Oct-2021 13:19) Posted: Keppel O& M is PROFITABLE and Order Book 5.7Bil Sembmar is LOSE MAKING 1.3Bil and Order Book 1.7Bil. What 50-50 JV? No qualified at all. minimum 30-70% JV. or else, wait for Sembmar to JD next year and buy sembmar assets as cheap and leave all the debts and toxic contracts for TH to settle with Creditors and various customer. Keppel O& M then discharge from Keppel Corp and Keppel Corp shareholders entitled 100% of shareholding as free!!!!
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chart_expert123 Master	21-Oct-2021 13:27        chart_expert123 About Contact  Quote this Post!   Yells: "Only buy stock with revenue or net cash flow growth!!!!"
x 0   x 0  Alert Admin	In fact, no matter what will be the outcome, we are here to invest instead of gamble. Don' t park our hard earn money on high risk counter, SGX is zombie exchange, Oil counters in sgx, all bankrupt already, Sembmar in fact is at the edge, When sembmar said to raise 1.5bil is for the 647mio loss making due to covid 19 for 1H2021. It mean another 647mio in 2H 2021, total 1.3Bil already fully burnt off in 2021, as we know, payment term is always 60-90 days nowafays. So, in fact, there are no much money left for the 1.5Bil. The merge deal is already sour and unfair to Keppel Corp now.    chart_expert123      ( Date: 21-Oct-2021 13:19) Posted: Keppel O& M is PROFITABLE and Order Book 5.7Bil Sembmar is LOSE MAKING 1.3Bil and Order Book 1.7Bil. What 50-50 JV? No qualified at all. minimum 30-70% JV. or else, wait for Sembmar to JD next year and buy sembmar assets as cheap and leave all the debts and toxic contracts for TH to settle with Creditors and various customer. Keppel O& M then discharge from Keppel Corp and Keppel Corp shareholders entitled 100% of shareholding as free!!!!! chart_expert123      ( Date: 21-Oct-2021 13:13) Posted: Below are calculations for you to consider: If you are holding SGD 50,000 Sembmar shares which total shares are 50,000/0.08 = 625,000Shares. As per sembmar share 31.8Bil shares, your % of holding is 0.001965%. If you sell and spend 50,000 to buy Keppel Cor shares, total share that you will have is around 50,000/5.5 = 9,090 shares. as per Keppel corp total share, 1.819Bil shares, your % of holding is 0.00049973%. If it is 50-50% JV, 2bil shares are issued equally to both party from new entity: Your holding by holding Sembmar will be 0.5x0.001965x2bil/100 = 19,650 shares for the new entity. Your holding by holding Keppel Corp will be 0.5x0.00049973x2bil/100 = 4,997 Shares for the new entity. At the same times, you are holding Keppel Corp 9,090 shares. If it is 70-30% for a non cash involved JV, 2 Bil shares are issued 60-40%. Your holding by holding Sembmar will be 0.3x0.001965x2bil/100 = 11,790 shares for the new entity. Your holding by holding Keppel Corp will be  0.7x0.00049973x2bil/100 = 6,996 Shares for the new entity. At the same times, you are holding Keppel Corp 9,090 shares. So, the lousy, loss making of 1.3Bil Sembmar shall only entity less than 30% only (10% is the best), they are not worth to stand as equal as Keppel Corp. To make 1.819Bil Keppel Corp shareholders happy, we are 80%!!!!!, please give a better deal or else we say not to Temasek who only have 20%. TH who hold 50% or more sembmar shares to stop pump in another 2.3Bil cash, understand it. It is better than winding up Sembmar and sell all assets to Keppel O& M and lose face too. Anyway, for your reference. Trade with care and do your due diligence
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chart_expert123 Master	21-Oct-2021 13:19        chart_expert123 About Contact  Quote this Post!   Yells: "Only buy stock with revenue or net cash flow growth!!!!"
x 0   x 0  Alert Admin	Keppel O& M is PROFITABLE and Order Book 5.7Bil Sembmar is LOSE MAKING 1.3Bil and Order Book 1.7Bil. What 50-50 JV? No qualified at all. minimum 30-70% JV. or else, wait for Sembmar to JD next year and buy sembmar assets as cheap and leave all the debts and toxic contracts for TH to settle with Creditors and various customer. Keppel O& M then discharge from Keppel Corp and Keppel Corp shareholders entitled 100% of shareholding as free!!!!! chart_expert123      ( Date: 21-Oct-2021 13:13) Posted: Below are calculations for you to consider: If you are holding SGD 50,000 Sembmar shares which total shares are 50,000/0.08 = 625,000Shares. As per sembmar share 31.8Bil shares, your % of holding is 0.001965%. If you sell and spend 50,000 to buy Keppel Cor shares, total share that you will have is around 50,000/5.5 = 9,090 shares. as per Keppel corp total share, 1.819Bil shares, your % of holding is 0.00049973%. If it is 50-50% JV, 2bil shares are issued equally to both party from new entity: Your holding by holding Sembmar will be 0.5x0.001965x2bil/100 = 19,650 shares for the new entity. Your holding by holding Keppel Corp will be 0.5x0.00049973x2bil/100 = 4,997 Shares for the new entity. At the same times, you are holding Keppel Corp 9,090 shares. If it is 70-30% for a non cash involved JV, 2 Bil shares are issued 60-40%. Your holding by holding Sembmar will be 0.3x0.001965x2bil/100 = 11,790 shares for the new entity. Your holding by holding Keppel Corp will be  0.7x0.00049973x2bil/100 = 6,996 Shares for the new entity. At the same times, you are holding Keppel Corp 9,090 shares. So, the lousy, loss making of 1.3Bil Sembmar shall only entity less than 30% only (10% is the best), they are not worth to stand as equal as Keppel Corp. To make 1.819Bil Keppel Corp shareholders happy, we are 80%!!!!!, please give a better deal or else we say not to Temasek who only have 20%. TH who hold 50% or more sembmar shares to stop pump in another 2.3Bil cash, understand it. It is better than winding up Sembmar and sell all assets to Keppel O& M and lose face too. Anyway, for your reference. Trade with care and do your due diligence. chart_expert123      ( Date: 21-Oct-2021 12:42) Posted: You always has another choice if you are still keeping a hope for the industry(sembmar is hopeless). BUY KEPPEL CORP FOR FREE SHARES. Temasek' s intension to merge Keppel O& M and Sembmar is compulsory. the JV shares, will be either 50-50% if combined entity is willing to pay extra cash(more than 500mio) to compensate economic effect which Keppel O& M is superior than Sembmar based on Order Books, Branding and Profit Margin. If non cash involve, then keppel corp share holders will get more than 50%, it may be 55, 60 or even 70% or more. Worst case is Sembmar file bankruptcy protection and move in JD, the company which will be commanded by Temasek to buy over all the assets from Sembmar will be Keppel O& M who are holding the experience to manage it. So you worry is just a nonsense, just you are willing to step forward, sell it and buy keppel corp shares only.  I guarantee after your selling on Sembmar and Keppel Corp, you will be joining us to watch the show comfortably in next 1 year and eventually be the winner of receive FREE SHARES which is MORE THAN 50% of new entity after the merge, PLUS enjoying the further action for M1 and SPH Potential development. All are positives and you will be positives as well
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