SMRT shareholders give thumbs-up to Temasek buyout offer, after voting to sell rail assets to Government

SMRT shareholders turning up for a meeting on Sept 29, 2016.
SMRT shareholders turning up for a meeting on Sept 29, 2016. ST PHOTO: WONG WEI HAN

SINGAPORE - SMRT Corp shareholders have given the thumbs-up to the privatisation offer by Temasek Holdings.

This was the second meeting of the day, coming after a vote to sell off SMRT's train and other rail assets to the Government as part of the New Rail Financing Framework deal struck in July. That vote also went through with an overwhelming majority.

The voting in the first meeting was delayed due to a computer glitch in the electronic voting system and a longer-than-expected meeting that saw some frustrated shareholders walk out.

 

The proposal to sell the rail assets received 98.8 per cent of the vote of shareholders who were present at an extraordinary general meeting this afternoon. Those who voted no accounted for the remaining 1.2 per cent.

At least 4,000 shareholders had gathered at Star Theatre - with a capacity of 5,000 - by the time the meeting began at 2.30pm, Thursday.

First, shareholders voted to decide whether to approve the sale of SMRT's train and other rail assets to the Government as part of the New Rail Financing Framework deal struck in July.

This was followed by a scheme meeting, in which they decided whether to accept Temasek Holdings' buyout offer of $1.68 per share.

The takeover offer is structured as a scheme of arrangement.

For its bid to succeed, Temasek needed more than 50 per cent of shareholders present in person or by proxy to vote "yes". These shareholders will also have to hold at least 75 per cent of the value of total shares held by all at the meeting.