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Time running out for KepCorp in KepLand takeover bid
RIGBUILDER Keppel Corp still does not own enough shares in its property arm Keppel Land to take the property developer private.
It said in a Singapore Exchange filing on Wednesday night that it owns 80.8 per cent of KepLand - a day before its takeover offer closes.
This stake is still significantly short of the 90 per cent shareholding threshold that it needs in order to compulsorily buy out the remaining KepLand shares and delist the property developer.
KepCorp announced its privatisation bid for KepLand in January this year.
It is offering a two-tier price for the KepLand shares it does not already own - a base one of S$4.38 apiece, and S$4.60 if its buyout succeeds. This higher price values KepLand at around S$7.1 billion.
Prior to KepCorp's takeover offer for KepLand, KepCorp had owned about 54.6 per cent of KepLand.
KepLand shares were trading at S$4.55 at around 3.15pm on Thursday. The offer closes at 5.30pm on Thursday.