Keppel Corporation Limited (SGX: BN4) announces divestments

Editorial Team
Editorial Team

Keppel Corporation Limited announced on 12 October 2020 that Keppel Telecommunications Transportation Limited, through its wholly-owned subsidiary Keppel Communications Pte Ltd, is divesting its 24.01% equity interest in Stock Exchange of Thailand (SET)-listed Business Online Public Company Limited.

This divestment will be carried out by way of a sale of 20% equity interest to CTOS Holdings Sdn Bhd and 4.01% equity interest to Mr Min Intanate for an aggregate cash consideration of approximately THB 827.6 million (approximately S$36.0 million), which is a discount of approximately THB 372.4 million (approximately S$17.5 million) from the market value of the shares (as at 9 October 2020).

This divestment is in line with the company’s Vision 2030 roadmap to monetise up to S$17.5 billion worth of non-core assets over time, which will be redeployed to new opportunities including initiatives in data centres, environmental solutions, renewable energy, integrated urban development and asset management.

Business Online Public Company Limited is the leading business information provider in Thailand and provides full business verification support, including company information research, credibility checks, business analysis, and debt collecting.

This sale follows closely after Keppel’s recent sale of Taichang Xuchang Property Co., Ltd. at RMB 524.0 million (approximately S$104 million), announced on 9 October 2020.