KepLand bid: $4.60 price hinges on 95.5% stake

Singapore

ALTHOUGH conglomerate Keppel Corp inched closer to privatising its mainboard-listed property arm on Friday, shareholders who accepted its two-tier offer will not get the higher payout rung unless it owns at least 95.5 per cent of Keppel Land.

Its stake in Keppel Land has grown to 85.6 per cent from 85.1 per cent the day before, the company said in a Singapore Exchange filing on Friday evening.

Some of the remaining shares are in the hands of funds such as BlackRock, which still had about 2.7 per cent of KepLand on Thursday night according to an SGX filing on Friday, and analysts have said that KepCorp will likely be able to complete its buyout of KepLand.

It only needs to own more than 90 per cent of Keppel Land to delist the company from the Singapore Exchang…