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Keppel expected to up stake in Subic yard

Keppel expected to up stake in Subic yard

Manila: Keppel Marine Philippines is expected to buy the government's stake Subic Bay Shipyard Engineering, upping its stake in the yard. Philippines finance undersecretary John Philip Sevilla said Keppel had indicated its interest to acquire the government's 8.76% stake in the yard since last year, according to local reports. "We would be surprised if Keppel does not bid on the shares. They wanted to acquire it since last year but it is only now that we are able to put up the shares for disposal," said Sevilla. The stake will be auctioned at floor bid price of Pesos584.77m and would raise Keppel's stake in the yard to 87.86% if it were to acquire it. [13/01/11]

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