It turns out that we should be happy that the stock is taking a dive because this proves the new liquidity that we've gained now that SembCorp has reduced its holdings. Er... that is I hope these stocks were sold yesterday and not still hanging out there!
John
Friday May 21, 8:32 am Eastern Time
SembCorp to get S$138.7 mln from Pacnet share sale
SINGAPORE, May 21 (Reuters) - SembCorp Industries Ltd said on Friday it expected to receive S$138.7 million from the sale of 1.65 million shares in its Nasdaq-listed subsidiary Pacific Internet (Nasdaq:PCNTF - news). The sale was at US$51.44 per share, SembCorp Industries said in a statement to the stock exchange.
It said following the sale, the company would hold a 40.6 percent stake, or 5.14 million shares, in Pacific Internet.
SembCorp said of the 1.65 million shares to be sold, 1.43 million were vendor shares and 215,128 shares were over-allotment options granted to underwriters.
SembCorp Industries Managing Director and Deputy Chief Executive Officer, Tay Siew Choon, said the sale of the Pacific Internet shares was ''part of our programme to improve SembCorp Industries' gearing. It will boost liquidity in Pacific Internet's stock and that will be good for investors in that company,'' the statement quoted him as saying.
The statement said gains from the sale would be taken into the company's 1999 financial year as an extraordinary item and would have no impact on the earnings per share of SembCorp Industries.
It said the gain would, however, raise the net tangible asset per share of SembCorp Industries from 40.11 Singapore cents to 48.21 cents. |
