Keppel Corp wants to privatise Keppel Land

#singapore #property Keppel Corp wants to privatise Keppel Land: Singapore’s Keppel Cor...

Comment E-mail to friend Bookmark & Share Singapore’s Keppel Corporation plans to privatise Keppel Land by acquiring the remaining un-owned shares in the developer for up to $3.6 billion. At present, the world’s biggest offshore oil rig builder owns 54.6 percent of Keppel Land. Last Friday, the company initiated a voluntary unconditional cash offer for all of Keppel Land’s remaining shares for $4.38 apiece, which is 20 percent higher than its last traded price of $3.65 apiece. But Keppel Corp offered a heftier price of S$4.60 per share if it’s entitled to exercise its rights of compulsory acquisition under the Companies Act. This brings the developer’s total market capitalisation to between $6.8 billion and $7.1 billion. “We believe what we have offered for the remaining stake in Keppel Land in this current depressed property market is fair, this offer will be funded throu...

Full article: http://www.propertyguru.com.sg/property-management-news/2...