Sembcorp Marine plans rights issue to ‘ride out downturn’
The struggling shipyard company said the current priority is to ensure it has adequate liquidity to sustain operations and ride through the downturn. Sembcorp Marine reiterated that the rights issue will provide it with much-needed recapitalisation to ride out the industry downturn
The company warned that if shareholders did not vote for the transaction to go ahead, strenuous efforts to recapitalise and strengthen its balance sheet will be negated and the critical need to address liquidity requirements will fail