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BlackRock holds 49.88m, 3.2% of Keppel Land shares

KEPPEL Corporation, via its financial advisers DBS Bank and Credit Suisse (Singapore), on Tuesday announced that BlackRock Inc, an associate of Keppel Corp, now holds some 49.88 million shares in Keppel Land (KepLand), up from 49.57 million shares announced on Friday.

BlackRock's latest shareholding represents about 3.2 per cent of the total issued shares in KepLand, a percentage shareholding computed based on a total of 1.55 billion issued shares as at Jan 23, said Keppel Corp.

BlackRock is an associate of Keppel Corp by virtue of the fact that it holds 5 per cent or more of Keppel Corp shares. As such, BlackRock is required to disclose its dealings in shares during the offer period.

KepLand on Monday said that it has appointed KPMG Corporate Finance Pte Ltd as the independent financial adviser to advise its independent company directors on the offer by Keppel Corp.

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Keppel Corp on Jan 23 launched an offer to take its real estate subsidiary KepLand private at a base offer price of S$4.38 per share. This will be raised to S$4.60 per share if acceptance levels exceed the 90 per cent threshold that turns the offer into a compulsory acquisition.