KepCorp closer to taking KepLand private; bid extended

Singapore

CONGLOMERATE Keppel Corp looks to be within striking distance of taking its mainboard-listed property arm private.

Based on a Singapore Exchange filing, it owned 85.1 per cent of Keppel Land as at Thursday night, close to the minimum it needs to delist the property developer.

The offer closing date has also been extended for two weeks, which analysts said would likely boost the level of shareholder acceptances.

The offer is a two-tier price for the KepLand shares it does not already own - a base price of S$4.38 apiece and S$4.60 if it reaches the compulsory acquisition threshold. The offer, launched on Jan 23, was supposed to close on Thursday evening but has been extended to March 26 evening under the takeover code. The 14-day extens…