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 latest deal reduces its holding to just 2.1%.

The offering represents about 12 days trading and comes at a time when most analysts are turning neutral on the stock. The Singaporean...

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