SembCorp Marine brings block

Placement follows strong share price performance.

Japan's Ishikawajima Heavy Industries IHI halved its stake in Singapore's SembCorp Marine yesterday June 2 raising S$60.6 million $36 million from a 30 million share deal. The JPMorgan-led offering was priced at S$2.02 per share, which equated to a 3.3% discount to the stock's S$2.09 close.

Back in the 1960's, IHI was the original JV partner in SembCorp Marine alongside the Singaporean government, but has seen its stake progressively diluted since then. The...

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