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FRANKLIN Templeton Institutional, which owns about 10 per cent of ARA Asset Management, will vote in favour of the S$1.78 billion privatisation, ARA said on Monday.
ARA in November announced a privatisation bid by a consortium led by its group founder and chief executive officer, John Lim. The consortium, which includes Cheung Kong Property and The Straits Trading Company, wants to take the group private at S$1.78 a share.
The privatisation will be through a scheme of arrangement, which requires the approval of at least 75 per cent of the value of shares of the voting shareholders and more than half of shareholders being present and voting in person or by proxy. The consortium shareholders will not vote on their shares at the meeting.
If the deal goes through, it is expected to be completed in the first half of next year.