The announcement follows Keppel Corp’s offer on Aug 2 to privatise SPH’s non-media business through a scheme of arrangement. This is subject to SPH shareholders’ approval of the media restructuring plan.
See: Keppel Corp makes $2.2 bil offer to acquire SPH's non-media portfolio; SPH valued at $3.4 bil
The deal values SPH at $3.4 billion, while Keppel’s share amounts to $2.2 billion. It requires approval from shareholders of both SPH and Keppel.
If it goes through, SPH will be delisted and become a wholly-owned subsidiary of Keppel. Keppel meanwhile will hold some 20% stakes in both SPH REIT and Keppel REIT.
See also: Q&M issues letter of demand to Aoxin Q&M’s group CEO
The deal is subject to the successful completion of the proposed media restructuring. The publisher had, earlier in May, announced plans to spin-off its media business into a not-for-profit entity.
Shares in SPH closed flat at $1.92 on Aug 4.
Photo: Albert Chua/The Edge Singapore
