Singapore yard group to raise billions from owner and state fund

Shipbuilder Sembcorp Marine plans to raise SGD 2.1 billion from its owner and state-owned fund Temasek. The company is in financial trouble due to coronavirus and the oil collapse.

Photo: Edgar Su/Reuters/Ritzau Scanpix

Sembcorp Marine, which has shipyards in places such as Singapore, India and Brazil, is preparing to raise a large sum of money from its owner and a state-owned fund in Singapore.

The company plans to raise SGD 2.1 billion (USD 1.5 billion) through a new share issue. Parent company Sembcorp Industries puts up guarantee for SGD 1.5 billion of the figure, while state-owned fund Temasek guarantees the rest.

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