,Singapore

Jardine Strategic acquisition to proceed

Now with a tick of approval from shareholders, the transaction will become effective from 14 April.

The acquisition of Jardine Strategic by Jardine Matheson is set to go ahead, as the resolution has been approved by shareholders during a special general meeting.

This comes as Jardine Matheson previously announced plans to acquire the 15% shares of Jardine Strategic it does not own, at US$33 per share, to simplify the parent company structure of the group.

Whilst a number of shareholders in Jardine Strategic voted against the acquisition, “a large number of shares” were from investors who were not shareholders at the time of the announcement on 8 March.

The group noted that some investors had indicated an intent to apply to the Court in Bermuda to appraise the fair value of their shares.

In a filing, Jardine Matheson said it believes that “the acquisition price represents fair value for the Jardine Strategic shares and that the process undertaken was fair, transparent, and robust.”

The group added it will continue to engage with all shareholders moving forward with the simplification of its parent company structure and the delivery of long-term strategy.

“The group delivered a resilient performance in 2020 and whilst the COVID-19 pandemic means that the outlook remains subject to significant uncertainty, it remains confident in its long-term strategy, rooted in the growth markets of Asia,” Jardine Matheson said.

The acquisition will become effective on 14 April.

Join Singapore Business Review community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

Thanks to the renewal of interest in the Singapore market.
The electronics cluster showed the most optimism.
The initiative aims to improve the overseas service exports environment.
This is the group’s 2nd sustainability notes issuance in the SGD bond market.
A Jefferies report said Singapore banks have enough buffers.
HongkongLand, CapitaLandInvest, and ComfortDelGro showed the most growth.
Mizuho Securities Asia Limited will be the notes dealer.
The company’s first batch has been fully allocated in the country.
The total consideration of up to $539m over three years will take effect. 
This is to address the increased global demand for healthcare products.
Thanks to the company's improved distribution channels.
Hiring activities online increased by 55.7% in August.
CapitaLandInvest, Capland IntCom T, and Sembcorp Industries showed the most growth.
This low turnout is due to the large quantum of the project, experts say.