Keppel Corp announced on Nov 15 that KS Investments, a wholly-owned subsidiary of Keppel Offshore & Marine, is divesting its entire 51% shareholding interest in each of Keppel Smit Towage and Maju Maritime for an aggregate cash consideration of some $133 million.
Completion of the divestments is conditional upon approval from regulatory authorities in Singapore.
The stakes are being sold to Rimorchiatori Mediterranei Spa.
In a filing to the Singapore Exchange, Keppel states it expects to recognize a divestment gain of approximately $72 million from the divestments.
Shares in Keppel closed up 1 cent or 0.19% higher at $5.29 on Nov 12.
Photo: Keppel
