Press Statement: Offer by Keppel/SPH Deal

Date: August 2, 2021

The privatisation offer by Keppel for SPH, values SPH shares at $2.099 per share. While offer price is above current trading price of SPH, it does represent a slight discount to NAV of $2.26 per share. However this is conditional on the SPH shareholders approving the restructuring of the SPH media business.

Both parties believe that this is a win-win solution. After weighing various options, SPH believes that the privatisation offer by Keppel is the preferred solution as it allows shareholders to realise the value of their SPH shareholdings with minimal disruption. Moreover, this acquisition is said to open up synergistic opportunities for Keppel, given the good fit between the two businesses. Both SPH and Keppel shareholders will have to approve the offer and SIAS await the IFA report to help investors better understand the offer.

We will in due course, after the circular is out, organise dialogue sessions for shareholders of SPH as well as Keppel shareholders.


David Gerald
Founder, President & CEO