Shareholders may have sent Sembcorp Marine’s shares down nearly 30% the day after it announced its proposed split from Sembcorp Industries, but analysts have largely welcomed the deal.
The two-part deal would see the rig builder initially raise SGD2.1bn ($1.5bn) of equity via a highly dilutive rights issue, after which Sembcorp Industries would spin-off Sembcorp Marine to its own shareholders.
