Singapore’s Temasek Holdings has undertaken to subscribe for up to 67% of Sembcorp Marine’s latest rights issue.
The Singapore-listed shipyard group recently announced a SGD 1.5bn ($1.1bn) issue that the company described as “vital” in fortifying its financial position.
The company said the recapitalisation was needed to strengthen its balance sheet and enhance its liquidity position, resulting from the severe impact of Covid-19.
