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Hot Stock: RHB issues 'buy' call on Keppel Land
RHB Research Institute Singapore has placed a buy call on Keppel Land with a target price of S$4.38/4.60.
In its report released Thursday morning, it noted that Keppel Corp has secured 90.9 per cent of the total issued shares of Keppel Land as at 5pm on Wednesday.
"KepCorp does not intend to maintain the listing status of Keppel Land and accordingly, does not intend to place out any shares held by it to members of the public to meet the shareholding requirement."
The Singapore Exchange will thus suspend trading of the shares at the close of the offer, said RHB, adding that Keppel Corp still needs to own at least 95.5 per cent of Keppel Land to complete the buyout by compulsorily buying the remaining shares it does not own.
RHB added that Keppel Corp still has time to acquire the remaining shares in order to commence compulsory acquisition procedures.