Keppel sees selloff after Temasek walks away from deal
Singapore
KEPPEL Corp shares were dragged down on Tuesday as investors were on edge after the surprise announcement that Temasek Holdings has scrapped its S$4 billion partial offer for the conglomerate.
Within the first minute of the opening bell, Keppel sank nearly 13 per cent or S$0.69 to a low of S$4.71. It clawed back some losses to finish at S$4.80, down 11.1 per cent or S$0.60 from Friday. This is the counter's weakest close in more than four years - the last time it ended trading below this level was in February 2016, according to Shareinvestor data.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Geely, Foretellix partner to jump-start self driving car development
US: Wall Street opens slightly higher on rate cut optimism
Far East Orchard net profit up 46.8% to S$6.9 million in Q1
US dollar inches up; Aussie, yen slide
Singapore architectural firm wins US$28 million deal to light up mega theme park in Saudi Arabia
Cordlife hiring more technical and laboratory staff to ‘strengthen core processes’