KEPPEL Land says its offer to take its China unit Evergro Properties private has become unconditional in all aspects.
This comes after Evergro announced that the delisting proposal was approved at an extraordinary general meeting yesterday.
Keppel Land has already accumulated 88.96 per cent of Evergro shares, comprising shares owned, controlled or agreed to be acquired as well as valid acceptances of the offer so far. Shareholders have up to Oct 7 to accept the offer.
Keppel Land had announced the offer in July, offering to pay 29 cents a share to delist Evergro. Shareholders can also opt for one new Keppel Land share for every seven Evergro shares they own, it said.
The voluntary offer valued Evergro at $368.2 million.
By combining the operational expertise, industry knowledge and extensive networks of both companies, Keppel Land said it will be in an even stronger position to capture opportunities and growth in China.
Evergro, the former Dragon Land, has three residential projects and two golf courses in China. It is developing a 300 hectare residential project within the Tianjin eco-city project, which comes with a golf course that has already opened.
It is also building an apartment complex in Jiangyin city which, when completed in 2013, should also include retail and office buildings.
For financial year 2008, it posted a net profit of $545,000, up from $196,000 the previous year, while revenue rose 9.8 per cent to $43.63 million.
Source : Business Times – 24 Sep 2009
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