Temasek, SMRT to meet Sias to discuss takeover

Temasek and SMRT have "proactively reached out" to Securities Investors Association Singapore (Sias) to arrange meetings to discuss the proposed privatisation of the transport operator by the Singapore investment firm.

"We welcome the opportunity to engage in a dialogue with Sias, and SMRT shareholders, about this proposed transaction in the lead-up to the Scheme Meeting later in the year,'' Temasek and SMRT said in a joint release.

On Thursday, the investor advocate said it was seeking a meeting with SMRT directors and Temasek officials to raise concerns among shareholders regarding the privatisation of the rail operator. Temasek had last week announced a S$1.2 billion buyout offer for SMRT at S$1.68 per share.

SMRT shareholders have voiced various concerns including why the takeover is through a scheme of arrangement rather than a general offer and whether the offer price is fair to them.

Subject to regulatory and court approvals, SMRT expects to convene a Scheme Meeting by October for shareholders, other than Temasek, to vote on the proposal.

Shareholders will receive a scheme document before the scheme meeting, which will outline the proposal in detail, and seek to address the comments and questions regarding the proposed privatisation of SMRT.