SCI, Sembmarine shareholders approve demerger deal

With the three resolutions approved, the right issue may now proceed.

Sembcorp Marine and Sembcorp Industries (SCI) have announced that the three resolutions were duly approved and passed by the shareholders at the extraordinary general meeting (EGM) held on 11 August, an SGX filing revealed.

T S Tay Public Accounting Corporation was appointed as the scrutineer for the EGM.

At Sembmarine's EGM, 98.76%, or shareholders of some 1.4 billion shares, voted for the rights issue, whilst 87.72 per cent, or shareholders with a collective 121.3 million shares, voted for the whitewash resolution.

At the Sembcorp's EGM, 99.67 per cent, or shareholders of 302.6 million shares, voted for the distribution resolution.

As the three resolutions are inter-conditional, this meant that the right issue may now proceed.

This follows after shareholders expressed concerns over what could happen in the event that the two firms were not able to garner shareholder approval. Sembmarine and SCI assured that the deal will unlock shareholder value.