Keppel Corporation (KCL) is distributing a 49% stake in Sembcorp Marine (SMM) to its shareholders, maintaining a 5% stake. This means that a very large portion of shares will now be in the hands of minority shareholders. As part of the distribution, institutions and investment funds who currently hold shares in KCL will also receive a proportionate number of shares in SMM, being 19,100 shares in Sembmarine for every 1000 shares held in KCL. Looking at KCL’s list of substantial shareholders from its 2021 annual report, there is only one substantial shareholder with more than 5% stake in KCL – Temasek Holdings with a 21% stake in KCL. This means that Temasek will receive a 10.2% stake in SMM. Adding on to its existing stake of approximately 25%, Temasek will hold approximately 35% which is just above a third of shares in SMM. KCL’s minority shareholders will receive the rest of the distribution and own nearly 39% of SMM. Existing SMM minority shareholders will only have 21% of shares combined....