In our previous article “Temasek & Keppel – What’s the Deal?” (dated 6 August 2020), we had written that Keppel Corp makes for an attractive investment, on the condition that Temasek proceeds with the Partial Offer for Keppel Corp shares (albeit at a revised lower offer price).
We have gotten confirmation that Temasek will NOT be proceeding with the partial offer (full details here). This results in a change to our investment thesis on Keppel Corp, as we no longer see a near-term bullish catalyst.
Disclaimer: We currently hold Keppel Corp shares and may trim some in the coming days due to the lack of a near-term bullish catalyst.
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