"Whilst the Trustee-Manager can, the Trustee-Manager will not be relying on the general mandate to issue the new units. Unitholders’ approval is sought for the Proposed Keppe infrastructure Holdings (KIHPL) Placement because KIHPL is a substantial Unitholder and under Rule 812 of the Listing Manual “an issue must not be placed to, among others, an issuer’s substantial shareholders unless specific shareholders’ approval has been obtained for such placement”, as well as KIHPL is deemed to be an interested person for the purposes of Chapter 9 of the Listing Manual," a Keppel spokesperson says.
The first of Keppel Infrastructure Trust (SGX:A7RU
) ’s three resolutions tabled at an EGM on April 21 required a moment of head scratching. Resolution 1 is to ask unitholders’ permission for an equity fund raising. Resolutions 2 and 3 are around interested party transactions. These resolutions are on the back of an acquisition, Ventura Motors and amendment of an important contract at Keppel Merlimau Cogen. Both are likely to boost DPU significantly according to a KIT circular dated April 1.
Resolution 1 to for the proposed issuance of up to 1,061.6 million new units in KIT, representing around 18.9% of units outstanding via a placement and preferential offering. Last month, KIT’s trustee-manager announced the proposed acquisition of Ventura Motors, a transportation company in Victoria, for the equivalent of $570.6 million.
