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.
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.