Property developer Keppel Land said on Friday that it is issuing some 8.7 million new shares, following its offer to delist its subsidiary, Evergro Properties.
The shares will be listed with effect from Monday, October 5.
Following the issue of the new shares, Keppel Land will have some 1.4 billion shares in float. This means the new shares account for about 0.6 per cent of the total shares.
Under the delisting proposal, Evergro shareholders could choose to receive 1,000 new ordinary KepLand shares for every 7,000 Evergro shares.
KepLand added that the delisting allows it to combine the operational expertise, industry knowledge and extensive networks of both companies.
Source : Channel NewsAsia – 2 Oct 2009