SGX has given in-principal approval for Sembmarine to acquire all the entire issued and paid-up share capital of Keppel O&M. The exchange is also gave approval for the quotation for up to 36,848,072,918 Keppel O&M Consideration Shares.
In October last year it was announced that the merger would be restructured as an acquisition of Keppel O&M by Sembmarine with the latter becoming the “combined entity” owning both its current business and the offshore and marine business of Keppel, as a way to simplify the transaction for stock listing approval, which previously would have acquired court approval.
The merger of Singapore’s two main shipyard groups was first proposed in mid-2021, with a merger plan agreed in April 2022 and revised terms announced in October of the same year. It October Keppel Corp said it was hoped the transaction would close by the end of 2022.
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