Singapore state investment firm Temasek Holdings is set to acquire for S$4.08 billion an additional 30.55% in Keppel Corporation to elevate its total shareholding in Keppel to 51%.

Temasek said in a statement it does not intend to delist or privatise Keppel; rather the company will remain listed on the Singapore Exchange.

The offer price of $7.35 per share is at a premium of about 26% over the last traded price, and 21% over the three-month volume weighted average.

Tan Chong Lee, president of Temasek International and director of Kyanite Investment which is making the offer, said: “The partial offer reflects our view that there is inherent long-term value in Keppel’s businesses, notwithstanding the challenges presented by the current business and economic outlook.”