photo: sgx-i3investor-com

On 17 October the High Court has approved the buyout of the local transport operator, SMRT Corporation Ltd, by Temasek Holdings, an investment company owned by the Government of Singapore.

Tuesday (18 October) was the last day of trading for SMRT and shareholders will be paid for their shares before the delistment.

 

SMRT had its trading halted on 15 July just before a new rail financing framework was announced. A Straits Times source close to the deal said both companies have been working on it since the start of the year.

The transport company which had its roots as a government agency, had gone public in July 2000, and Temasek, the 54 per cent shareholder, had launched the offer for SMRT on 21 July.

84.83 per cent of 4,417 shareholders present at a Scheme of Arrangement meeting held at the Star Performance Arts Centre in Buona Vista, were in favour of selling their shares to the majority shareholder, Temasek Holding for S$1.68 a piece.

In total, they represent 92.89 per cent of the shares held by minority shareholders who voted.

Temasek, which owns about 54 per cent of SMRT abstained from voting; as the offerer was not entitled to vote.

Shareholders will be paid for their shares by 1 November, and SMRT will be delisted thereafter.

At an extraordinary general meeting at the same venue just before the Scheme meeting, shareholders voted in favour of SMRT selling its operating assets to the Land Transport Authority for about S$1 billion.

One issue that commuters have noted is that with the delisting of SMRT from the stock market, it will no longer require to post its financial statement online to be scrutinized for claims that it is not making enough.

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