SHARES of mainboard-listed Sembcorp Marine (Sembmarine) saw heavy trading on Tuesday (Mar 29) after the group gave notice that it recorded 3 consecutive years of pre-tax losses.

 

The marine and offshore group' s counter dropped as much as 4.9 per cent or S$0.005 to reach a low of S$0.098 as at 10.36 am.

 

By 2.34 pm, Sembmarine' s shares were 3.9 per cent or S$0.004 lower at S$0.099 and were the most heavily traded by volume with 273.6 million shares changing hands.

 

The marine and offshore group has a 6-month average daily market capitalisation of S$2.6 billion as at Mar 28, which means the group still meets the financial entry criteria to avoid being placed on the Singapore Exchange' s watch list.

 

Firms are placed on the SGX watch list if they record losses for the 3 latest consecutive financial years and have an average daily market cap of under S$40 million over the last 6 months.

 

Sembmarine issued notices for 3 consecutive years of pre-tax losses in both 2021 and 2020.

 

 

UNITED Hampshire US Reit' s proposed divestment of 2 self-storage properties will be delayed once again as the purchaser is still in the process of carrying out its due diligence on the properties, its manager said in a bourse filing on Tuesday (Mar 29).

 

The manager last announced a first extension of the due diligence period for the proposed sale of the 2 properties - Elizabeth Self-Storage and Perth Amboy Self-Storage - to Mar 28 on Mar 21.

 

On Tuesday, the real estate investment trust (Reit) manager said the purchaser " will require more time" , so the vendors of the properties have executed a second letter of extension with the purchaser to further extend the due diligence period to Apr 4.

 

A copy of the second extension letter will be made available for inspection during normal business hours at the registered office of the manager for 3 months from Tuesday, it noted.

 

The manager, meanwhile, noted that the purchaser is entitled to carry out the due diligence and is entitled to terminate the purchase and sale agreement for " any reason or no reason at all at any time during the due diligence period" .

 

If terminated, the deposit will be refunded to the purchaser. The agreement as well as all rights and obligations of the parties thereunder will be null and void, except for those rights and obligations that expressly survive the termination of the agreement, it added.

 

In the meantime, there is " no certainty or assurance" that the divestment will be completed or that no changes will be made to the terms thereof. Hence, unitholders are advised to " exercise caution" in respect of their dealings in the units of the Reit, it pointed out.