Keppel Corp has extended the deadline for its offer to buy all the remaining un-owned shares in Keppel Land to next Tuesday, according to a filing with the Singapore Exchange (SGX).
The new deadline is final and acceptances received after 5:30pm on Tuesday will be rejected.
This comes after the group secured 93.2 percent of Keppel Land’s stake during the original deadline yesterday afternoon from 90.9 percent a day earlier. This means the developer can be delisted from SGX, but it’s still short of the 95.5 percent threshold needed to mandatorily acquire the remaining free floating shares.
Back in January when it held 54.6 percent of Keppel Land’s shares, Keppel Corp made an unconditional cash offer to buy all un-owned stocks and convertible bonds at $4.38, or $4.60 if it manages to acquire them all.
The aim of delisting is to enhance the group’s organisational structure so that capital and resources would be efficiently distributed across its core businesses, resulting in better returns.
The price of Keppel Land’s stocks dipped two cents to $4.53 apiece at the close of trading yesterday, while that of Keppel Corp rose by 11 cents to $9.05.
Romesh Navaratnarajah, Singapore Editor at PropertyGuru, edited this story. To contact him about this or other stories email romesh@propertyguru.com.sg
