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Keppel pays S$86.5m to raise stakes in Philippines yards

Keppel pays S$86.5m to raise stakes in Philippines yards

Singapore: Keppel Corporation Limited, through a subsidiary Keppel Philippines Marine Inc (KPMI), is raising its shareholdings in two associated companies, Subic Shipyard and Engineering Inc (SSEI) and Consort Land, Inc (CLI) to be nearer to its customers in the Philippines, writes the Business Times.

Keppel will pay S$86.5 million (US$63.6 million) to raise its effective stakes from 44% to 83.9% in SSEI and from 33.7% to 38.7% in CLI.

The sale and purchase of shares in both companies is expected to be completed by the end of September 2010, following which, SSEI will become a Keppel subsidiary.  [03/08/10]

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