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SembCorp Industries
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danger
Supreme |
05-Jun-2020 08:55
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Sembcorp Marine (SembMarine) says its wholly-owned subsidiary Estaleiro Jurong Aracruz Ltda (EJA) has entered into a revolving facility agreement for up to US$500 million (S$698.6 million) with Standard Chartered bank.
Under the agreement, in the event where Sembcorp Industries (Sembcorp) ceases to be the majority shareholder of the company, the terms of the facility agreement will be reviewed. Both Sembcorp and Standard Chartered should reach an agreement pertaining to any amendments within 30 days for the commitment to still stand. As of Friday, SembMarine&rsquo s level of loan and trade facilities that may be affected by the occurrence of a &ldquo change of control &rdquo , where Sembcorp directly or indirectly ceases to own more than 50% of the issued share capital of the company, amounts to some $6.03 billion. |
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mrwise
Supreme |
05-Jun-2020 08:54
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Bad news... |
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Cherryredbibi
Member |
05-Jun-2020 08:53
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Today still halt, Monday flush out shortists | ||||
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TraderBen
Supreme |
05-Jun-2020 08:43
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More debts .. | ||||
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weekaykee
Master |
05-Jun-2020 08:41
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If no unhalt this morning, then foregone conclusion an offer is being made by some entity to buy over Semb Marine.
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FATABA
Supreme |
05-Jun-2020 08:40
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Thks, w this at least its clearer.
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iluvgambling
Master |
05-Jun-2020 08:38
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so anyone knows what' s going on ? no unhalt also . most important, share price will move up or down ? |
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moron101
Supreme |
05-Jun-2020 08:31
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Could be the same pattern as that of temasek offering for keppCorp.. offered price should be near to NAV.. let's monitor closely.. | ||||
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Waterrat
Veteran |
05-Jun-2020 08:30
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Company Registration Number: 196300098Z ENTRY INTO FACILITY AGREEMENT BY SUBSIDIARY ESTALEIRO JURONG ARACRUZ LTDA (&ldquo EJA&rdquo ) Singapore, 5 June 2020 &ndash Sembcorp Marine Ltd (the &ldquo Company&rdquo and together with its subsidiaries, the &ldquo Group&rdquo ) wishes to announce that its wholly-owned subsidiary, Estaleiro Jurong Aracruz Ltda (&ldquo EJA&rdquo ), has entered into a Revolving Facility Agreement for up to US$500 million, with Standard Chartered Bank (Singapore) Limited acting as Original Lender, Arranger and Agent (&ldquo Facility Agreement&rdquo ). The Facility Agreement is guaranteed by the Company. Pursuant to Rule 704(31) of the Listing Manual of the Singapore Exchange Securities Trading Limited, the Company also wishes to announce that the Facility Agreement contains the following condition which makes reference to the shareholding interests of Sembcorp Industries Ltd in the shares of the Company. Under the Facility Agreement, a &ldquo Change of Control&rdquo includes an event where Sembcorp Industries Ltd ceases to be (or enters into any arrangement whereby, or announces that, it will cease to be) the majority shareholder of the Company (i.e. where it ceases to own (directly or indirectly) more than 50% of the issued share capital of the Company). If a Change of Control occurs, the Agent shall be promptly informed and parties shall enter into negotiations to review the terms of the Facility Agreement and related documents. If parties fail to reach an agreement in relation to any amendments, waivers and/or consents required to the Facility Agreement and related documents within 30 days, the Lender may require the Agent to cancel the commitment of the Lender and declare the participation of that Lender in all outstanding loans, together with accrued interests, and all other amounts accrued in relation to that Lender&rsquo s participation due and payable within 20 business days. For the avoidance of doubt, the foregoing is a prepayment event under the Facility Agreement, and does not itself constitute a breach or an event of default under the Facility Agreement. As of the date of this announcement, the level of loan and trade facilities (including bank guarantees and letters of credit) of the Group that may be affected by the occurrence of a &ldquo Change of Control&rdquo (assuming such an event leads to a cross default of the relevant banking facilities of the Group) amounts to approximately S$6,025 million (excluding interest, amounts which have not been drawn down, the facility which is the subject matter of this announcement and any termination amount that may be payable or receivable by the Group pursuant to an early termination of any foreign exchange hedging transaction). Sembcorp Marine Ltd 80 Tuas South Boulevard, Singapore 637051 Tel: (65) 6265 1766 www.sembmarine.com |
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yehyeh
Senior |
05-Jun-2020 08:29
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Will this be harmful to sci if sci swallaow back SM?
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desmodeus
Veteran |
05-Jun-2020 00:39
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Keppel not halted. Likely SCI taking SM private or SCI spinning off SM. | ||||
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iluvgambling
Master |
04-Jun-2020 22:53
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like that will blast up 15 to 20% like keppel last time....huat ah !!
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infoshare
Senior |
04-Jun-2020 21:38
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Could Temasek do the same for SembCorp as it is planning to do for Keppel Corp in Nov' 20 ? SHAREHOLDERS
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hobbes12
Senior |
04-Jun-2020 21:16
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Did they say when the announcement would be made? | ||||
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yehyeh
Senior |
04-Jun-2020 21:14
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Like this very bad and need to issue right like SIA..sibek jalat
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lennon81
Member |
04-Jun-2020 21:05
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Both SCM n KEP OM is strategic for SG in long run. May transform into integrated shipyard serving strategic sea routes from asia to europe. Exit offer need to be enticing for minority investors to let go . | ||||
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wehuattogether88
Supreme |
04-Jun-2020 20:50
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Is it Take SMM Private? | ||||
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Goldfinger
Supreme |
04-Jun-2020 20:39
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Should be something significant. But does not involve KepCorp, since that is trading freely.
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lennon81
Member |
04-Jun-2020 20:34
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If announcement to privatise SCI or SCM offer to low, minority shareholders can vote against. Need at least 75 percent approval. | ||||
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samtan221
Member |
04-Jun-2020 20:18
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Wah, Heng... | ||||
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