DBS is providing a bilateral loan to conglomerate Keppel Corp to finance the acquisition of shares in its property arm Keppel Land that it does not already own for up to S$3.2 billion $2.6 billion.
The proposed deal is the latest privatisation as the city state's developers are faced with growing headwinds.
The size of the loan has not been disclosed but, according to a source familiar with the matter, part of the offer will be funded by DBS and the rest by Keppel Corp's own internal cash. The Singaporean lender is also advising Keppel Corp on the buyout together with Credit Suisse.
Keppel Corp on Friday made a cash offer...