The story
Sembawang Shipyard Limited (1969-1994)
Sembawang Shipyard Limited was formed in 1968 as a wholly-owned management body of the newly established Sembawang ship-repairing complex, under the purview of Swan Hunter. The Sembawang ship-repairing complex (or Sembawang Shipyard), which majority of premises formerly Her Majesty's Sembawang Dockyards, begun operations on 2 December 1968.
In 1984, Sembawang shipyard secured the contract to repair the damaged propeller shaft of the HMS Invincible, a British aircraft carrier. The same year also saw the diversification of Sembawang Shipyard Ltd into civil projects, with the firm securing the contract for the construction of Newton Circus MRT station and civil defence station (Newton MRT Station) through a joint venture with French company Dragages et Travaux Publics, valued at S$43 million. The joint venture also saw the transfer of technology from Dregages, which was one of the main contractors for the Hong Kong Mass Transit Railway.
Sembawang Corporation Limited
Sembawang Shipyard underwent an extensive organisational restructure between 1990 and April 1994. Its assets restructured into a single conglomerate with four sectors, namely shipyard, maritime, engineering, and industrial. The restructuring also saw a name change to Sembawang Corporation Limited, announced on 7 May 1994 to reflect its diverse business atop of shipbuilding.
Formation of Sembcorp Industries
On 1 June 1998, a joint announcement was made by Singapore Technologies Industrial Corporation (STIC) and Sembawang Corporation for the intention to merge as a single entity - Sembcorp Industries (SCI). This merger would form the largest civil engineering and building construction firm in Southeast Asia region, with a niche in infrastructure, marine engineering, information technology and lifestyle. The merger also saw SembCorp Industries assuming one of Asia's leading industrial park developers and managers, with jurisdiction of industrial parks in Indonesia, China and Vietnam. STIC and Sembawang Corporation was fully integrated under the name of Sembcorp Industries by 5 October 1998.
Demerger of Sembcorp Marine
In March 2020, it was announced that Sembcorp was replacing their CEO. Sembcorp did not declare an interim dividend for 1H 2020, instead choosing to defer any decision regarding payment of dividends for the fiscal year 2020 until the end of the year. In June of the same year, trading was halted for Sembcorp as well as Sembcorp Marine, a loss-making subsidiary whose shares had declined by 36% in 2020. Representatives from both companies declined to comment. Between 11 June and 24 July 2020, Sembcorp Industries' share price declined by 11%.
On 12 August 2020, the demerger of Sembcorp Marine (SCM) from Sembcorp Industries through a distribution in specie (4911 of SCM shares for every 1 SCI shares held) was confirmed, along with proposal of a S$2.1 billion recapitalization of the former through renounce-able right issue.
From Wikipedia’s article on Sembcorp, shared under CC BY-SA 4.0.3