If it goes through, SPH will be delisted and will become a wholly owned subsidiary of Keppel. Keppel will hold stakes of about 20 per cent in both SPH Reit and Keppel Reit. The scheme will only take effect upon a successful completion of the proposed media restructuring. SPH had in May announced a plan to transfer its media business to a company limited by guarantee (CLG). SPH owns and publishes The Business Times, which will be part of the proposed CLG. Shares of SPH ended Wednesday flat at S$1.92.