A privatization in Singapore

But not the type you expected.

There will be many investment bankers who hoped that privatization would finally happen in Singapore this year, after a hiatus.

Well, it is, but not the type they perhaps hoped for. While PSA and Singapore Power seem to have been interminably postponed, Singapore entities have started another form of privatization - the sort where they take their listed subsidiaries private.

Earlier this year Keppel privatized its marine engineering business, and now SembCorp Industries wants to the privatize SembCorp Marine. SembCorp wants to buy back the 37% it doesn't own for S$583 million $329 million and describes the deal as a win-win for all shareholders.

It is offering to buy the stock at...

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