Keppel Corp's application for the delisting of Keppel Land has received the nod from the Singapore Exchange.
SGX's approval is subject to the completion of the process under Section 215 (3) of the Companies Act where Keppel Land shareholders have a right to require Keppel Corp to purchase their shares on the same terms as the offer (S$4.38 per share).
As at the closing date of end March, Keppel Corp and parties acting in concert owned 95.1 per cent of Keppel Land.
Trading in the shares of Keppel Land has been suspended with effect from the closing date. The sale right process will be completed on July 15 after which Keppel Land will be delisted on July 16.