The Singaporean government has agreed to sell a third of its holding in Singapore MRT pretty cheap, pricing the 492 million shares on offer at S$0.61 each û the upper end of a fairly low range.
The market capitalization of SMRT is a bit smaller than originally was expected û they are now talking about a S$900 million $236.8 million company. Initial projections had valued SMRT at S$1 billion, perhaps a little more, says John Casey, transport analyst at SG Securities in Singapore.
Indeed, recent valuations by DBS Securities and Credit Lyonnais Securities Asia CLSA, two of the four investment banks arranging the SMRT sale, valued the company at S$1.1 billion to...
