Date: August 11, 2021
Earlier in June this year, Sembcorp Marine (or SMM) proposes a S$1.5 billion rights issue to meet immediate funding needs, strengthen its balance sheet and liquidity position amidst the continuing disruptions posed by COVID-19. SIAS has previously reached out to SMM with a set of questions on this proposed rights issue. In their written response, the unprecedented business conditions and challenges posed by COVID have given rise to the need for this capital call; and that these concerns were also reflected in their latest performance – having recorded a net loss of S$647 million for the first-half of 2021, including provisions of S$472 million.
On 6th August 2021, SIAS organised a virtual dialogue session with Sembcorp Marine to allow its shareholders to understand more on the rights issue and to raise their questions to the senior management; Mr Wong Weng Sun, President and CEO and Mr William Goh, Group Finance Director, who were present at the virtual dialogue session.
View the transcript of the post event here.