Keppel Corp SELLS SPC to PRC!

DIVESTMENT OF ENTIRE STAKE IN SINGAPORE PETROLEUM COMPANY LIMITED (“SPC”)
The Board of Directors of Keppel Corporation Limited (“KCL” or the “Company”) wishes to announce that its wholly-owned subsidiary, Keppel Oil & Gas Services Pte Ltd (“KOGS”), has entered into a conditional sale and purchase agreement (“Agreement”) with PetroChina International (Singapore) Pte Ltd (the “Purchaser”), under which KOGS will sell its entire shareholding in SPC comprising 234,522,797 ordinary shares in the capital of SPC (the “Sale Shares”), representing approximately 45.51% of the total issued share capital of SPC (excluding treasury shares), with all rights attaching there to as of the date of completion (“Completion Date”) of the sale of the Sale Shares pursuant to the terms of the Agreement (save for all rights to distributions and dividends attaching to or accruing from the Sale Shares which shall accrue to the Purchaser as of and including the date of the Agreement), to the Purchaser. Upon completion of the sale, KCL will no longer hold any interest in SPC and hence SPC would cease to be an associated company.

Consideration
The consideration for the sale of the Sale Shares is S$6.25 per Sale Share or approximately S$1.47 billion, in cash, to be paid in full on the Completion Date. The consideration was arrived at following negotiations on a willing buyer and willing seller basis, taking into account, among other things, SPC’s net tangible asset value and earnings, and the market price of SPC’s shares. The consideration per Sale Share represents a 24.0% premium over yesterday’s closing price of SPC shares on the Singapore Exchange Securities Trading Limited.

<TABLE class=forumline border=0 cellSpacing=1 cellPadding=3 width="100%"><TBODY><TR><TD class=row2 vAlign=top width=150 align=left>casshern



Joined: 28 Nov 2008
Posts: 876

</TD><TD class=row2 height=28 vAlign=top width="100%"><TABLE border=0 cellSpacing=0 cellPadding=0 width="100%"><TBODY><TR><TD width="100%"> Posted: Sun May 24, 2009 9:59 pm Post subject: </TD><TD vAlign=top noWrap> </TD></TR><TR><TD colSpan=2><HR></TD></TR><TR><TD colSpan=2><TABLE border=0 cellSpacing=1 cellPadding=3 width="90%" align=center><TBODY><TR><TD>AK47 wrote:</TD></TR><TR><TD class=quote>manatory offer for the rest of the shares not already own?</TD></TR></TBODY></TABLE>

frm bloomberg...

PetroChina will buy 234.5 million shares of Singapore Petroleum at S$6.25 per share from Singapore-based Keppel Corp., the company said in a statement to the Shanghai stock exchange today. That’s 24 percent higher than the last-traded price of S$5.04 at the May 22 close. The offer, when completed, will trigger a general offer for the remaining shares.

Singapore Petroleum has interests in oil and gas exploration and production projects in China, Indonesia, Vietnam, Cambodia and Australia and owns a 50 percent stake in Singapore Refining Co., which operates a 285,000 barrel-per-day refinery, the statement said. Keppel Corp, the world’s largest builder of oil rigs, is selling its entire stake in the refiner.

“China is accelerating its overseas acquisitions now because the global financial crisis has made overseas assets cheaper,” Qiu Xiaofeng, an energy analyst with China Merchants Securities Ltd. in Shanghai, said by telephone today.

PetroChina said it aims to make Singapore Petroleum a platform to implement its international strategy and “provide a broader foundation and stable path for development.”

A mandatory general cash offer for the remaining shares in the Singapore-based oil refiner will be made if the necessary approvals are received on or before July 24, PetroChina’s statement said.


does that mean they will offer to buy bac the remainin shares in the mkt at 6.25 per share too?? </TD></TR></TBODY></TABLE></TD></TR></TBODY></TABLE>

This is very very good news..can't wait for the market to be open, I am holding 36 lots SPC at average $4.05..HUAT ARGGHHH!!!!!!!

Thank YOu PAP!! You have make me rich!

Good future for SPC

PetroChina is one of the largest companies in the world. Under Keppel, SPC was going nowhere. Under solid Chinese management, SPC has a great future. SPC employees are lucky to have such an owner.