sembcorp-marine-sells-cosco-singapore-shares

SembCorp Marine sells Cosco Singapore shares

The $187 million placement comes as SembCorp announces unauthorised foreign exchange transactions and fires its finance director.
SembCorp Marine late Monday sold S$273 million $187 million shares in Cosco Corp Singapore at a 6.7% discount to the latest close through a placement that attracted a lot more attention than what it seemed worth at the time of the launch.

The added interest came from an announcement the seller made during the execution of the placement that it had fired its finance director after learning that he had ôentered into various unauthorised foreign exchange transactionsö on behalf of one of the companyÆs operating subsidiaries. The director, Wee Sing Guan, had also misled both the subsidiary, Jurong Shipyard Pte, and SembCorb with relation to these transactions, which may result in an estimated...
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