Privatised Keppel Land woos holdout shareholders in selective capital reduction exercise

It's offering $4.24 per unit to remaining shareholders.

Keppel Land has unveiled a proposal to undertake a selective capital reduction exercise to cancel all the shares held by remaining shareholders who did not participate in the company's privatisation offer last year.

Keppel said that since the delisting of Keppel Land it has received many queries from shareholders on how they could trade their shares.

As there is no public market for the shares of Keppel Land, Keppel will allow remaining shareholders to realise the value of their investment in Keppel Land by offering $4.24 for each share.

The cash distribution of $4.24 per share is the same amount paid to shareholders who had tendered their shares in the 2015 privatisation offer, after they received the FY2014 dividend of $0.14 per share.