SINGAPORE - Keppel Corp has extended the deadline for Keppel Land shareholders to accept its takeover offer, it said in a Singapore Exchange filing on Thursday.
The offer was originally supposed to close at 5.30pm on Thursday but will now close at 5.30pm on March 31.
As at 5pm yesterday, it owned 93.2 per cent of KepLand. This is still short of the 95.5 per cent stake needed to turn the offer into a compulsory acquisition, and for shareholders to get the higher price of the two-tier offer price.
But as less than 10 per cent of KepLand shares are in public hands, trading in the stock will be suspended after KepCorp's offer closes.
Keppel Corp said it does not intend to maintain the listing status of KepLand and will take steps to delist it from the exchange after the offer closes.
KepLand shares closed down two cents at $4.53 on Thursday.