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: H2G Green's unit GasHub signs two MOUs in the Philippines
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
