SGX grants approval in-principle on proposed combination on Keppel, Sembcorp Marine
Sembcorp Marine said they received the approval in-principle from the bourse.
The merger of Keppel Corporation's offshore segment and Sembcorp Marine received an approval in-principle from the bourse, Sembcorp Marine said.
In a bourse filing, Sembcorp Marine said SGX gave its approval on the entire issued and paid-up share capital of Keppel O&M and listing and quotation for up to 36,848,072,918 Keppel O&M Consideration Shares on SGX.
But the firm was given these following conditions:
(i) the despatch of the circular in relation to the Proposed Combination (the “Circular") to Sembcorp Marine Shareholders by 31 January 2023;
(ii) the disclosure of the confirmations from the Independent Valuer as well as the Directors, that nothing has come to their attention that in their opinion, will result in a material and adverse impact on the valuation of Keppel O&M and its subsidiaries (following completion of the Asset Co Transaction and the KOM Restructuring);
(iii) compliance with the SGX-ST’s listing requirements; and
(iv) Sembcorp Marine Shareholders’ approval for the allotment and issuance of up to 36,848,072,918 Keppel O&M Consideration Shares.