Keppel Hitachi Zosen Limited (“KHZ”) is pleased to announce that at a Court convened meeting and an extraordinary general meeting held on 7 February 2002, Scheme Shareholders and Shareholders respectively approved the Scheme of Arrangement to privatise KHZ (the “Scheme”) as announced by KHZ on 3 December 2001.
The Scheme is further subject to the approval of the High Court. The Scheme will become effective once an office copy of the Order of Court approving it is lodged with the Registry of Companies and Businesses.
Upon the Scheme becoming effective, Scheme Shareholders appearing in the Register of Members as at a books closure date to be announced, will receive from Keppel Corporation Limited (“KCL”) a cash consideration of $0.60 for each KHZ share held, and all KHZ shares held by such Scheme Shareholders will be cancelled. New shares equal to the number of shares cancelled will be issued by KHZ to KCL. KHZ will become a wholly-owned subsidiary of KCL and KHZ shares will be delisted from the Singapore Exchange Securities Trading Ltd.
By Order of the Board,
Lam Chee Kin
Company Secretary
7 February 2002