Temasek's unit says there will be no increase in SMRT offer price

TEMASEK Holdings unit Belford Investments said it does not intend to increase the buyout offer for SMRT Corp of S$1.68 a share.

In a joint announcement together with SMRT on the Singapore Exchange, the companies said they have received some queries on the scheme price and that there will be no increase on the price.

On Wednesday, it was announced that the takeover deal of SMRT is structured via a scheme of arrangement.

Upon the scheme becoming effective and binding, each of the scheme shareholders as at the books closure date will be entitled to receive the scheme price of S$1.68 in cash per share as at the books closure date, in consideration for the transfer of the shares to the offeror.

SMRT shares finished at S$1.645, up 10 Singapore cents or 6.5 per cent, on Thursday.