Hi there,
If you read into the prospectus, it gives Temasek the right to buy up the shares if there is no take up on the rights offering. This is the excerpt:
" Startree, a wholly-owned subsidiary of Temasek, has entered into the Sub-Underwriting Agreement with the Sole Financial Adviser, Lead Manager and Underwriter pursuant to which it has agreed, on the terms and subject to the conditions of the Sub-Underwriting Agreement, to subscribe, or procure one or more Temasek Companies to subscribe, for the Underwritten Rights Shares to the extent that such Rights Shares are not successfully subscribed for under the Rights Issue, where such successful subscriptions shall include valid acceptances for provisional allotments of Rights Shares and valid subscriptions for Excess Rights Shares, provided always that the aggregate subscription amount for such Rights Shares shall not at any time exceed S$0.6 billion."
That will result in Temasek being able to fund Sembmarine, through this rights offering, and makes them the majority owner through the purchase of the shares. As it is a state-owned enterprise, it would be easier to finance the company through this downterm.
Hope i was able to shed some insight!
Hi there,
If you read into the prospectus, it gives Temasek the right to buy up the shares if there is no take up on the rights offering. This is the excerpt:
" Startree, a wholly-owned subsidiary of Temasek, has entered into the Sub-Underwriting Agreement with the Sole Financial Adviser, Lead Manager and Underwriter pursuant to which it has agreed, on the terms and subject to the conditions of the Sub-Underwriting Agreement, to subscribe, or procure one or more Temasek Companies to subscribe, for the Underwritten Rights Shares to the extent that such Rights Shares are not successfully subscribed for under the Rights Issue, where such successful subscriptions shall include valid acceptances for provisional allotments of Rights Shares and valid subscriptions for Excess Rights Shares, provided always that the aggregate subscription amount for such Rights Shares shall not at any time exceed S$0.6 billion."
That will result in Temasek being able to fund Sembmarine, through this rights offering, and makes them the majority owner through the purchase of the shares. As it is a state-owned enterprise, it would be easier to finance the company through this downterm.
Hope i was able to shed some insight!