Wolf Money(SPH received a higher offer from OBS JV)

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OBS JV came out with a higher offer for SPH, effectively putting an end to the takeover tug of war with Keppel. There is still a small technical possibility Keppel may still win if IMDA refuse approval for OBS JV acquisition of M1 which SPH has 16 percent. The new offer of $2.36 in cash or $2.40 in cash and sph reit share are both slightly superior than Keppel’s bid. 

It will be interesting to see what the new acquirer will be doing to the 40% stake in Genting data centre and 16 % M1 which Keppel are the majority owner of both assets. 

All in all I am not particularly disappointed with the failed bid. There are plenty of divestments initiatives at Keppel Corporation to keep them busy. Over the weekend they had announced two divestment which will add 87m around 4.8c to their profit over 2021/22 FY. They will be given 34m around 1.8c per share in break up fee arise from superior offer for SPH. There are also Keppel O&M merger with Sembmarine to work for. There are plenty of play left in Keppel. Close to 1B cash around 55c per Keppel share are lying around burning a hole in the pocket after the failed bid for SPH which could potentially be given out as special dividend. 




1.)DIVESTMENT OF INTEREST IN WUHU SANSHAN PORT CO., LTD.

Keppel Corporation Limited (the “Company”) wishes to announce that Keppel Telecommunications & Transportation Limited (“Keppel T&T”) is divesting its entire 50% equity interest (the “Sale Shares”) in Wuhu Sanshan Port Co., Ltd. (“Wuhu Sanshan Port”) to Sinotrans Limited (“Sinotrans”) (the “Proposed Transaction”).

2.)DIVESTMENT OF ENTIRE INTEREST IN KEPPEL SMIT TOWAGE PRIVATE LIMITED AND MAJU MARITIME PTE LTD

Keppel Corporation Limited (“Company” or “KCL”, and together with its subsidiaries, the “Group”) wishes to announce that KS Investments Pte. Ltd. (“KSI”), a wholly owned subsidiary of Keppel Offshore & Marine Ltd, is divesting its entire 51% shareholding interest (“Sale Shares”) in each of Keppel Smit Towage Private Limited (“KST”) and Maju Maritime Pte Ltd (“Maju”) (together the “Sale Companies”) to Rimorchiatori Mediterranei Spa for an aggregate cash consideration of approximately S$133 million (the “Divestments”). Completion of the Divestments is conditional upon the receipt of approval from regulatory authorities in Singapore.


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Disclaimers 

All investments is highly speculative in nature and involves substantial risk of loss. We encourage our reader to invest very carefully. We also encourage reader to get personal advice from your professional investment advisor and to make independent investigations before acting on information that we publish. Much of our information is derived directly from information published by companies or submitted to governmental agencies on which we believe are reliable but are without our independent verification. Therefore, we cannot assure you that the information is accurate or complete. We do not in any way whatsoever warrant or guarantee the success of any action you take in reliance on our statements. All information provided are for information only. Buyer beware,do you own due diligence.

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