Temasek Holdings’ decision to drop its partial offering for Keppel Corp could be because it needs to spend the money elsewhere, a top local analyst has suggested.
On Monday the state-backed fund took the market by surprise when it confirmed it would not proceed with its bid to take a controlling stake in the domestic rig-builder.
“We can only surmise that Temasek, despite its large balance sheet, wants to conserve cash for its other portfolio companies at present,” said UOB Kay Hian offshore analyst Adrian Loh.
