Singapore investment company Temasek Holdings has scrapped a proposal to increase its stake in Keppel Corporation after the conglomerate reported a loss for the first half of the year.
Temasek will invoke a material adverse change pre-condition, included in the offer, to cancel the deal, an advisor for the company said in a stock filing today. Keppel posted a net loss of SGD 697m (USD 507m) for the first half of 2020.