Keppel has fully sold its residual Seatrium shares on April 1 at a weighted average of $2.52 each, pocketing some $429 million, the company says on April 11.
In addition, Keppel received another $1 million in Seatrium dividends, the company says on April 11, in response to shareholders' questions ahead of its AGM on April 17, when former DBS CEO Piyush Gupta will take over as the chairman.
Keppel's stake in Seatrium came about after it completed the merger of its offshore and marine unit with then Sembcorp Marine in Feb 2023. Keppel, which ended up with 54% in the new entity, distributed 49% to its own sharheolders, and kept 5% which it then sold down gradually.
According to a Seatrium filing on April 7, Keppel sold 5 million shares for just over $12 million. The change in ownership was filed as part of changes in Temasek's deemed stake.
Temasek is the single largest shareholder of both Keppel and Seatrium.
Keppel's residual stake in Seatrium has long been deemed a non-core asset - part of its broader plan to monetise $13.5 billion by 2030 as it shifts from a conglomerate to an asset-light manager and operator.
The full divestment of the stake came about amid Keppel's arbitration claim on Seatrium for $68.4 million, over the legacy legal entanglement from the boom years in Brazil.
When asked by shareholders, Keppel declined to comment further on the arbitration.
Keppel declined to comment too on the delay of the sale of mobile unit M1 to Australia's Tuas.
As part of the transformation into "new Keppel", the company has laid down a target to increase its funds under management to $200 billion by 2030.
As of end 2025, its FUM has reached $95 billion and Keppel expects $100 billion to be reached by end of this year, "if not earlier".
For something more current, Keppel says it has "limited" direct exposure in the Middle East, where fighting has raged on for nearly two months.
The company runs a waste management facility in Qatar, a gas pipeline in Saudi Arabia and leases out rigs too.
"However, with the conflict continuing to escalate, the second-order effects in terms of the impact on gas supply, energy prices and the international economy bear close watching," Keppel warns.
Keppel imports its gas largely from Malaysia via pipelines, along with "some" liquefied gas shipped in from other sources.
Keppel says two-thirds of its electricity contracts are long-term and hedged, providing some cushioning against spark spread volatility.
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"However, if there is prolonged disruption to gas supply and an energy crunch, this could have significant impacts on Singapore and the region. Keppel would also be affected," the company warns.
In addition, there could also be broader macroeconomic effects, including cost inflation, higher interest rates, among others.
"The current situation in the Middle East is highly fluid and uncertain. We will monitor the situation closely and calibrate our response accordingly," says Keppel.
As for its data centres, which are big energy guzzlers, the impact is not seen to be "significant" as more than 95% of data centre leases are on power pass-through contracts, covering customer electricity bills, the company says.
Keppel shares closed at $12.13 on April 10, up 0.083% for the day and up 16.97% year to date.
Seatrium shares closed at $2.46, down 0.81%, up 13.36% year to date.
