Business
02 Aug 2021 09:47AM (Updated: 02 Aug 2021 09:54AM )
SINGAPORE: Singaporean conglomerate Keppel Corp said on Monday (Aug 2) it would offer to acquire and privatise Singapore Press Holdings (SPH), excluding the newspaper publisher's media business, for S$3.4 billion.
"Successful completion of the scheme will see SPH eventually delisted," said SPH in a media release. SPH will also be a wholly-owned subsidiary of Keppel.
SPH shareholders will receive cash of $0.668, as well as 0.596 Keppel REIT units and 0.782 SPH REIT units per share.
The scheme is subject to approval by SPH and Keppel shareholders, and other conditions including regulatory approvals.
"Keppel will hold a remaining stake in SPH REIT and Keppel REIT of approximately 20 per cent each," added SPH.
SPH's CEO Ng Yat Chung said "the outcome is the result of a strategic review process that has taken place over many months".
"We took the first step with the media restructuring to ensure a sustainable future for the media business, while removing its losses from SPH," said Mr Ng.
"The next step was a thorough process to unlock and maximise value for all shareholders for the remaining company.
"With the privatisation offer from Keppel, shareholders now have an opportunity to realise the value of their SPH shares at a premium of 39.9 per cent to the last traded price before the strategic review was announced," he added.
Source: CNA/ad
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Keppel offers to acquire SPH, excluding media business, in S$3.4 billion deal
A view of the Singapore Press Holdings (SPH) building in Toa Payoh. (File photo: TODAY/Najeer Yusof)02 Aug 2021 09:47AM (Updated: 02 Aug 2021 09:54AM )
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SINGAPORE: Singaporean conglomerate Keppel Corp said on Monday (Aug 2) it would offer to acquire and privatise Singapore Press Holdings (SPH), excluding the newspaper publisher's media business, for S$3.4 billion.
"Successful completion of the scheme will see SPH eventually delisted," said SPH in a media release. SPH will also be a wholly-owned subsidiary of Keppel.
SPH shareholders will receive cash of $0.668, as well as 0.596 Keppel REIT units and 0.782 SPH REIT units per share.
The scheme is subject to approval by SPH and Keppel shareholders, and other conditions including regulatory approvals.
"Keppel will hold a remaining stake in SPH REIT and Keppel REIT of approximately 20 per cent each," added SPH.
SPH's CEO Ng Yat Chung said "the outcome is the result of a strategic review process that has taken place over many months".
"We took the first step with the media restructuring to ensure a sustainable future for the media business, while removing its losses from SPH," said Mr Ng.
"The next step was a thorough process to unlock and maximise value for all shareholders for the remaining company.
"With the privatisation offer from Keppel, shareholders now have an opportunity to realise the value of their SPH shares at a premium of 39.9 per cent to the last traded price before the strategic review was announced," he added.
Source: CNA/ad
Continue reading...