On Aug 1, Keppel Corp announced that Temasek Holdings will disclose as soon as it makes a decision, and no later than Aug 31, if the latter intends to invoke the material adverse change (MAC) clause in its partial pre-conditional offer for Keppel Corp at $7.35.

On July 30, Keppel Corp announce that its profit after tax (PAT) in 2Q2020 was a negative $698.8 million, and the cumulative PAT for the latest 12 month period is a negative $164.7 million. Among the MAC pre-conditions is for PAT for a 12 month period to be no less than $556.9 million.

If the MAC pre-condition is to be assessed on 2Q2020 results, the MAC pre-condition would not be satisfied, the Keppel Corp announcement says.