Stakeholders to decide on SMRT's privatisation on September 29

Will SMRT finally be delisted from SGX?

SMRT Corporation’s journey to privatisation will be decided on by its minority shareholders in a scheme meeting by the end of the month.

In a 292-page announcement, SMRT announced the scheme meeting will be called to order on 29 September 2016 at 3:30pm at The Star Theatre of The Star Performing Arts Centre.

Shareholders may vote in person or by proxy. The deadline for lodgement of proxy form is on 27 September 2016.

The meeting follows Temasek’s offer in July to buy all the stakes of SMRT. Currently, it owns 54% of the transport business. Its wholly-owned subsidiary, Belford, proposes to acquire all of the shares that Temasek does not own at a scheme price of $1.68 in cash per share.

During the meeting, Temasek cannot vote on Belford’s proposal.

If the scheme is approved by the minority shareholders and the court, SMRT will be delisted from SGX and will go private from then on.