Sept 22 (LNGJ) - Temasek, the Singapore wealth fund and owner of the island nation’s LNG company Pavilion Energy, has made a mandatory conditional general cash offer to acquire all the issued and paid-up ordinary shares in Sembcorp Marine, the main shipyard specializing in offshore platforms and LNG projects such as ship conversions and LNG-powered tugs.
The move was required under listing rules after Temasek's stake in Sembmarine was raised to 46.6 percent. The Temasek offer through its indirect wholly owned subsidiary, Startree Investments, is at a price of S$0.08 per share in cash. Sembmarine expects to distribute the offer document between October 6 and October 13 and the offer will close 28 days later. Morgan Stanley Asia has been appointed as sole financial advisor for the mandatory offer.
