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National Financial Disaster - Capitaland, Keppel, Singtel, SPH, SIA

SIA shares struggle amidst lukewarm MCB rights reception​

https://www.ig.com/sg/news-and-trad...struggle-amid-lukewarm-mcb-rights-rece-210622
  • This came after the group revealed only a 61% subscription rate for its second tranche of rights mandatory convertible bonds (MCBs)
  • Majority shareholder Temasek and its subsidiary Napier Investments took up most of the issuance, with other shareholders subscribing to just 5.32% of the total amount
SIA shares is about $5, shareholders got to contribute $2 for the MCB rights.
If SIA feels like repaying you in the next ten years, then they repay you $2 + interests.
Otherwise SIA will convert your $2 money into shares with exercise price.

Today if borrow $200 from DBS, I tell them the same,
do you think DBS will bird me?
 
why don't you add OLAM.

it's already bankrupt. raise debt and now equity.

Fuck you ah aneh
 
https://www.reuters.com/business/en...corp-marine-request-trading-halts-2021-06-23/

June 24 (Reuters) - Temasek-backed Singapore conglomerate Keppel Corp (KPLM.SI) and Sembcorp Marine (SCMN.SI) are set to begin talks to explore combining their ailing offshore and marine (O&M) businesses, two sources familiar with the matter said on Thursday.

A potential deal would bring together one of the world's largestoffshore oil rig builders with smaller rival Sembcorp after the businesses were whiplashed by years of oversupply in the sector, sustained weakness in oil prices and a drop in new orders.

"Consolidation is needed simply because of competition, and the need for bigger working capital to take on new and bigger projects," said Joel Ng at KGI Securities. Both companies own a network of shipyards in Singapore and overseas, including in Brazil, and employ thousands of workers.

Trading in shares of Keppel and Sembcorp, which both count Singapore state investor Temasek Holdings(TEM.UL) as their largest shareholder, was halted on Thursday pending announcements.


Sembcorp has a market value of S$2.4 billion ($1.8 billion), while Keppel, whose businesses include property and infrastructure, is valued at S$9.3 billion.

Keppel declined comment while there was no immediate response from Sembcorp Marine to a Reuters query. Both companies are holding separate news conferences later on Thursday.

The sources said boards of both companies are meeting to begin discussions that could take many months and ultimately result in Keppel Corp hiving off its O&M business and combining it with Sembcorp Marine, the sources said.

The sources declined to be identified as they were not authorised to speak to media.


Markets have been expecting a much-needed consolidation in the rig-building sector as companies in the shipbuilding and marine sectors in markets such as South Korea and China have already joined forces amid a weak sector outlook.

Keppel's shares have lost around 15% over the past 12 months, while Sembcorp has tumbled 40%.

Last year, Temasek scrapped a $3 billion move to raise its stake in Keppel and take control, following Keppel's poor performance.

Then this year, Keppel said it was exploring options for its O&M business, as part of the group's 10-year strategy to refocus its portfolio on energy and environment, urban development, connectivity and asset management.


Market talk of a consolidation between the rig builders had first resurfaced in June 2020 when Sembcorp Industries (SCIL.SI), the former parent of Sembcorp Marine, unveiled plans to demerge its core business from the lossmaking rig builder.

Then Temasek stepped in to support a $1.5 billion rights issue by Sembcorp Marine
 
creampie said:
https://www.reuters.com/business/en...corp-marine-request-trading-halts-2021-06-23/

June 24 (Reuters) - Temasek-backed Singapore conglomerate Keppel Corp (KPLM.SI) and Sembcorp Marine (SCMN.SI) are set to begin talks to explore combining their ailing offshore and marine (O&M) businesses, two sources familiar with the matter said on Thursday.

A potential deal would bring together one of the world's largestoffshore oil rig builders with smaller rival Sembcorp after the businesses were whiplashed by years of oversupply in the sector, sustained weakness in oil prices and a drop in new orders.

"Consolidation is needed simply because of competition, and the need for bigger working capital to take on new and bigger projects," said Joel Ng at KGI Securities. Both companies own a network of shipyards in Singapore and overseas, including in Brazil, and employ thousands of workers.

Trading in shares of Keppel and Sembcorp, which both count Singapore state investor Temasek Holdings(TEM.UL) as their largest shareholder, was halted on Thursday pending announcements.


Sembcorp has a market value of S$2.4 billion ($1.8 billion), while Keppel, whose businesses include property and infrastructure, is valued at S$9.3 billion.

Keppel declined comment while there was no immediate response from Sembcorp Marine to a Reuters query. Both companies are holding separate news conferences later on Thursday.

The sources said boards of both companies are meeting to begin discussions that could take many months and ultimately result in Keppel Corp hiving off its O&M business and combining it with Sembcorp Marine, the sources said.

The sources declined to be identified as they were not authorised to speak to media.


Markets have been expecting a much-needed consolidation in the rig-building sector as companies in the shipbuilding and marine sectors in markets such as South Korea and China have already joined forces amid a weak sector outlook.

Keppel's shares have lost around 15% over the past 12 months, while Sembcorp has tumbled 40%.

Last year, Temasek scrapped a $3 billion move to raise its stake in Keppel and take control, following Keppel's poor performance.

Then this year, Keppel said it was exploring options for its O&M business, as part of the group's 10-year strategy to refocus its portfolio on energy and environment, urban development, connectivity and asset management.


Market talk of a consolidation between the rig builders had first resurfaced in June 2020 when Sembcorp Industries (SCIL.SI), the former parent of Sembcorp Marine, unveiled plans to demerge its core business from the lossmaking rig builder.

Then Temasek stepped in to support a $1.5 billion rights issue by Sembcorp Marine
Click to expand...
Don't know why a small country like this need to oil rig builders? Too many fucking indian chiefs or MIW with big egos who want to run their own show.
 
https://www.kepcorp.com/en/media/me...combination-of-keppel-om-and-sembcorp-marine/

https://www.kepcorp.com/en/media/me...al-combination-of-keppel-om--sembcorp-marine/

Keppel Corporation signs non-binding MOUs in connection with proposed combination of Keppel O&M and Sembcorp Marine​


  • If successfully completed, Keppel Corporation will receive shares in the Combined Entity and a cash consideration.
  • Keppel Corporation intends to distribute to shareholders all the Combined Entity shares that it receives by way of distribution in specie.

Under the MOU between Keppel and Sembcorp Marine, it is envisaged that Keppel and the Combined Entity will enter into a strategic partnership, pursuant to which Keppel will hold 50% of a 50-50 joint venture that will be established between Keppel and the Combined Entity (“Strategic Partnership JV”). This would allow Keppel to continue accessing Keppel O&M’s capabilities required for its projects, on terms to be agreed. The scope of the Strategic Partnership JV will be subject to final agreement between the parties concerned. In addition, subject to regulatory review, the Combined Entity will be the preferred EPC partner for Keppel’s projects where the Combined Entity has the relevant expertise.

After this announcement, Keppel and Sembcorp Marine will undertake mutual due diligence and discuss the terms of the potential combination, which is expected to take several months. If the potential combination is completed, it is envisaged that the Combined Entity will be a listed entity, and Sembcorp Marine’s shareholders will hold shares in the Combined Entity, while Keppel will receive shares in the Combined Entity and a cash consideration of up to S$500 million (or a cash component with the economic equivalent effect).

Under the second MOU, Keppel O&M’s legacy rigs and associated receivables will be sold to a separate Asset Co that will be formed. Keppel will retain not more than a 20% stake in Asset Co as an investment, while external investors, which Kyanite intends to procure, will hold the balance of at least 80%. Keppel will receive the consideration for the legacy rigs and associated receivables substantially in the form of credit notes. Asset Co shall be independently managed from the Combined Entity and the General Partner of this Asset Co will maintain, complete and monetise the rigs over time. Asset Co will enter into a service agreement with the Combined Entity for the completion of certain uncompleted rigs and the provision of other services.

The external investors will provide capital which can be used for finishing these uncompleted rigs, which would no longer be funded by Keppel. Keppel’s economic exposure in Asset Co will be reduced over time, as the rigs or Asset Co are sold or securitised when conditions in the rig chartering market improve.

Under the MOU between Keppel and Sembcorp Marine, it is envisaged that Keppel and the Combined Entity will enter into a strategic partnership, pursuant to which Keppel will hold 50% of a 50-50 joint venture that will be established between Keppel and the Combined Entity (Strategic Partnership JV). This would allow Keppel to continue accessing Keppel O&M’s capabilities required for its projects, on terms to be agreed. The scope of the Strategic Partnership JV will be subject to final agreement between the parties concerned. In addition, subject to regulatory review, the Combined Entity will be the preferred EPC partner for Keppel’s projects where the Combined Entity has the relevant expertise.

The Keppel Group’s net debt will fall as a result of the deconsolidation of Keppel O&M and the receipt of a part of the consideration from the Combined Entity in cash. The distribution in specie of shares in the Combined Entity will however reduce Keppel’s shareholders’ funds. Overall, the Group’s net gearing is not expected to be significantly affected following the transactions.

J.P. Morgan is the financial advisor to Keppel Corporation.
 
Where is CKMPD? resident sammyboy substantial Kcorp shareholder
 
Second-Half: Singapore to bail out SPH after restructuring of media business.
 
Market whisper: Market correction 6-10 weeks later (Sept/Oct), US funds began to reduce asian exposures this week.
 
batman1 said:
Guess who will be the white knight ?
Click to expand...
Keppel spends $3.4Bn for SPH's non-media business.
https://www.businesstimes.com.sg/co...s34-billion-offer-for-sphs-non-media-business

KEPPEL Corporation on Monday made a S$3.4 billion offer to take Singapore Press Holdings' (SPH) non-media business private through a scheme of arrangement.

Under the scheme, shareholders will receive a total consideration of S$2.099 per share. This will comprise cash of $0.668 per share, 0.596 Keppel Reit unit valued at S$0.715 per unit, and 0.782 SPH Rei units valued at S$0.716 per unit from a distribution in-specie by SPH.

4 trading halts - SPH, Keppel, SPH Reit, Keppel Reit
https://www.straitstimes.com/busine...-calls-for-trading-halt-pending-announcements
 
SOS said:
fatty going to ORD again.
https://www.straitstimes.com/busine...-calls-for-trading-halt-pending-announcements
Click to expand...

Said SPH's chief executive officer Ng Yat Chung: "The outcome is the result of a strategic review process that has taken place over many months. We took the first step with the media restructuring to ensure a sustainable future for the media business, while removing the losses from SPH. The next step was a thorough process to unlock and maximise value for all shareholders for the remaining company. With the privatisation offer from Keppel, shareholders now have an opportunity to realise the value of their SPH shares at a premium." https://www.businesstimes.com.sg/co...s34-billion-offer-for-sphs-non-media-business
 
Next one: Will Singtel choose to offload assets or issue rights?
 
Patriotmissile said:
Sembmarine 0.08 can buy? KNNBCCB.
Click to expand...

This one is truly knnbccb, i lost count how many times they raise rights.
The money raise from the last round technically went to bail out Keppel. WTF???
now another round cumming.

Yes it is a GLC, government backed but do retail investors have the stomach to keep averaging down?
In the past, maybe $10m profits is EPS 1 cents. Now even if the company makes $10, EPS is only 0.01cents.
Just an illustration of the dilution.
 
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