Temasek's plans for Keppel still intact

THE Covid-19 outbreak has cast a pall on global economies and stock markets, making it even harder to do business or make investment decisions. But for shareholders of Keppel Corp, it has presented an unexpected windfall - at least on paper.

Last October, Temasek Holdings said it would be making a voluntary pre-conditional partial offer of S$7.35 a share for an additional 30.55 per cent stake in Keppel through Kyanite Investment Holdings.

Temasek already owns 20.45 per cent of Keppel. If successful, the offer will take its stake to 51 per cent. The offer price of S$7.35 represented a premium of about 26 per cent over the last traded price of S$5.84 and a premium of about 21 per cent over the volume weighted average price of S$6.07.