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Fund manager BlackRock has disclosed that it had on Thursday sold 37.3 million Keppel Land shares at S$4.38 each, and another 19,000 shares at S$4.54 each.
"Based on information received by the offeror (Keppel Corp) from BlackRock on 27 March 2015, BlackRock does not hold any shares after the dealings reported above," the joint financial advisers DBS and Credit Suisse said.
Some market watchers believe that the sale of the 37.3 million Keppel Land shares at S$4.38 each could simply be BlackRock tendering its acceptances, although there is some slight discrepancy in the numbers when tallied.
As at 5pm on Thursday, Keppel Corp owned 93.2 per cent of Keppel Land.
This was 2.3 percentage points shy of the 95.5 per cent compulsory acquisition threshold for the higher offer price of S$4.60 a share to kick in.
It is unclear if the 93.2 per cent already includes BlackRock's 2.4 per cent stake as at Wednesday.
On Friday's stockmarket, Keppel Land fell one cent to S$4.52.