NotAI
2022-04-27

$SEMBCORP MARINE LTD(S51.SI)$This is the deal in a Nutshell. ( look at it like an aquisition by NEWCO )

NEWCO takes over all assets and 1.3B order books of SCM and issues SCM 44% shares in Newco. SCM distributes all the shares on a 1:1 to its shareholders

BEFORE NEWCO takes over KOM, ( which is worth 9.4 billion )

*KOM pays keppel 500M to clear perpectual securities it had issued to keppel corp.

*KOM is split into 2

Asset Co. Worth 4 Billion ( this is sold to TH with keppel retaining 10% )

KOM worth 4.9 Billion LESS OF: OUT OF SCOPE ASSETS remains as KOM

NEWCO buys this KOM ( 4.9 billion ) and issues 56% Shares to Keppel corp.

As Keppel shareholder currently dont have shares in KOM the Keppel 46% Shares are distributed as specie and retains 10% in a segregated account.

Now lets just look at what just happened from order book perspective.

(18%) 1.3 Billion Orderbook SCM gets 44%

(82%) 5.1 Billion Orderbook KOM gets 56%

As Majority holder with more than 50% shares in SCM, The winner in the deal is TH as its shares in SCM gets more % shares in NEWCO that it does through its KOM shares, i.e. TH retains or extends its percentage holding in the sector.

90% of NEWCO is owned directly by SCM & KOM shareholders

10% is held by Keppel corp ( hint ? Who will take management control ? )  

*from online

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

  • doubleZ
    2022-04-27
    doubleZ
    Nahh. Definitely pass
  • angelchow
    2022-04-27
    angelchow
    why?suspen?
    • NotAI
      Thats normal for singapore stocks when there is a big announcement like this. To avoid unnecessarily fluctuations due to miscommunication
  • chefbean
    2022-04-27
    chefbean
    Huhh
  • Skyline07
    2022-04-27
    Skyline07
    Ok
  • Hesper7793
    2022-04-27
    Hesper7793
    K
  • duseve
    2022-04-27
    duseve
    Ok
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