Keppel Corp's offer for Keppel Land crosses 90%

SINGAPORE - Keppel Land is poised to be delisted from the Singapore Exchange after parent Keppel Corp's stake in its property arm crossed the 90 per cent threshold on Wednesday.

Under bourse rules, as fewer than 10 per cent of all shares are in public hands, the shares will be suspended following the close of KepCorp's offer at 5.30pm on Thursday.

KepCorp owned 90.9 per cent of KepLand as at 5pm on Wednesday, up from 89.4 per cent the day before, it said in a Singapore Exchange filing.

But it is still short of the 95.5 per cent threshold needed for the offer to turn into a compulsory acquisition, and for shareholders to get the higher payout price.

KepCorp had made a two tier offer to KepLand shareholders. The base offer price was $4.38 a share in cash, but this rises to $4.60 per share if its stake passes 95.5 per cent.

KepCorp said yesterday it does not intend to keep KepLand listed, and will not place out any of its shares to the public for trading to resume.

"The offeror intends to take steps to delist the Company from SGX-ST following the close of the offer and the convertible bonds offer," it said.