Acquisition of Keppel T&T receives court approval

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Singapore’s court approved on Friday Keppel Corp.’s proposed acquisition of the Keppel Telecommunications & Transportation shares it doesn’t already own, Keppel T&T said in a filing to SGX on Friday.

In September of last year, Keppel Corp. proposed taking 79 percent owned Keppel T&T private at S$1.91 a share.

The rationale was to simplify Keppel’s corporate structure and allow it to better support Keppel T&T as it expands its data center and urban logistics business, Keppel said at the time, pointing to the relatively low public float of the stock.

On Friday, Keppel T&T said the books closure date on the deal was expected to be 23 April, with the last day for the shares to trade on 18 April. Trading in the shares will be suspended on 22 April, it said.

Payment for the shares is expected to be 6 May, the filing said.

 

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