Subject to certain Pre-Conditions, Kyanite Investment Holdings Pte. Ltd., intends to make a Partial Offer to acquire 30.55% of Shares in Keppel Corporation Limited, at S$7.35 per Share in cash.

The Offeror is an indirect wholly-owned subsidiary of Temasek Holdings (Private) Limited, which already directly owns 20.45% of Shares in the Company. If successful, the Partial Offer will result in Temasek and the Offeror directly owning 51% of the Shares in Keppel and the Offeror Concert Party Group having a resultant shareholding in Keppel of 52.04% at the close of the Partial Offer.

The intention is for Keppel to remain listed on the Singapore Exchange (the “SGX-ST”). If successful, the Partial Offer will allow Offer Shareholders to monetise a portion or potentially all of their holdings in Keppel, at a premium over the last traded price of the Shares.

The Partial Offer will be made if and when each of the Pre-Conditions is satisfied or waived (at the discretion of the Offeror).  Such Pre-Conditions include the obtaining of domestic and foreign regulatory approvals, the process for which is expected to take several months. The full list of Pre-Conditions is set out in Schedule 1 of the Pre-Conditional Partial Offer Announcement.

Assuming there is no change to the total number of Shares as at the Record Date, the Offer Shares to be acquired would represent 30.55% of these Shares.