Trading halts called for Keppel Corp, Keppel Reit, SPH and SPH Reit

Vivienne Tay

Published Sun, Aug 1, 2021 · 11:44 PM

FOUR counters -- including Keppel Corporation (BN4 ) and Singapore Press Holdings ( T39 ) -- called for trading halts on Monday morning pending announcements.

Keppel Corp, Keppel Reit, SPH and SPH Reit had called the trading halts within minutes of each other before the market opened on Monday.

All four counters closed higher on Friday. Keppel was up 1.9 per cent or S$0.10 to S$5.49, while Keppel Reit was up 0.8 per cent or S$0.01 to S$1.20. SPH gained 1.1 per cent or S$0.02 to end the week at S$1.88 and SPH Reit rose 0.6 per cent or 0.5 Singapore cents to 91.5 cents.

In May, SPH, which publishes The Business Times, proposed a restructuring intended to preserve and grow its media business while allowing shareholders of the company to see better values for their shares over time. The proposed deal involves a transfer of the media business to a company limited by guarantee (CLG). This structure will allow any future profits from the media business to be reinvested into the media operations rather than distributed to shareholders. Former Cabinet minister Khaw Boon Wan has agreed to be the chairman of the CLG.

SPH and Keppel have several ties. The two companies previously shared a common chairman: Lee Boon Yang. Mr Lee stepped down as chairman of the conglomerate in April this year, after close to 12 years helming its board.

Both companies also own stakes in Singapore telco M1, following a buyout in 2019.

In 2020, SPH and Keppel set up a joint venture (JV) to develop and operate data centre facilities at SPH's Genting Lane property. SPH announced at the time that it will hold 40 per cent of the JV company, named Memphis 1, while units of Keppel will hold the remaining 60 per cent.

READ MORE:

Keppel SPH

Reuse this content Feedback