The trustee-manager of Keppel Infrastructure Trust (KIT), on March 24, announced that it is currently undertaking a strategic review of its 100% stake in Ixom Holdings in a bid to grow the business.
A financial adviser will also be appointed in connection with the review. In addition, KIT has indicated that it may, through the adviser, undertake preliminary discussions with various parties to evaluate the viability of options available.
The exercise is part of KIT’s regular asset review process in line with its refreshed strategy following the strategic review conducted at the end of 2021.
There is no assurance that any transaction will materialise from such a strategic review or that any definitive or binding agreement will be reached, says the trustee-manager in its statement.
Ixom was acquired by KIT in 2019. It is among the leading industrial infrastructure businesses in Australia and New Zealand. It supplies and distributes critical water treatment chemicals and industrial and speciality chemicals which are key to fundamental industries.
Ixom is also the sole manufacturer of liquefied chlorine, as well as the leading manufacturer of caustic soda in Australia. The chemicals manufactured and distributed by Ixom are components used in a range of industries including the water treatment, dairy, agriculture, mining and construction sectors.
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Shares in KIT closed 0.5 cent higher or 0.91% up at 55.5 cents on March 23.
