Keppel Infrastructure Trust emerges preferred bidder for Blackstone's Ixom: AFR

Keppel Infrastructure Trust emerges preferred bidder for Blackstone's Ixom: AFR

Michelle Zhu
30/10/18, 07:39 am

SINGAPORE (Oct 30): Keppel Infrastructure Trust (KIT) is reportedly named the official preferred bidder for IXOM, Blackstone’s Australian chemicals business formerly owned by multinational corporation Orica.

According to the Australian Financial Review, a recent JPMorgan auction sealed the deal, which is expected to rack up some A$1 billion ($1 billion).

Potential buyers at the auction were told IXOM would make A$139 million in EBITDA the next financial year to continue the 5.1% per-annum growth since Blackstone acquired the asset in 2015.

For the financial year ended Sept 2018, the chemicals business was said to make A$133 million in EBITDA.

IXOM’s industry & speciality chemicals divisions and water treatment & manufacture chemicals divisions account for 53% and 47% of the business, respectively, according to AFR.

News of KIT’s likely acquisition of IXOM was announced in mid-Oct when the trust was said to have been nearing an agreement with Blackstone.

Investment bank Lazard was appointed to advise KIT on the deal, according to AFR.

Units in KIT closed 3.2% lower at 46 cents on Monday.

US sanctions on Huawei could backfire

SINGAPORE (May 27): It was only to have been expected. After nearly a year of pressure that failed to stop Huawei Technologies Co’s expansion — especially in the rollout of the next generation 5G wireless network globally — in its tracks, US President Donald Trump signed an executive order effectively barring American firms from doing business with the Chinese telecommunications equipment company. The inclusion of Huawei on the US Department of Commerce’s Bureau of Industry and Security’s (BIS) Entity List means that companies would need to apply for a waiver to supply goods with ....

Annica chairman Ong quits just as $33 mil goes missing at his law firm JLC

SINGAPORE (May 27): Jeffrey Ong, managing partner of law firm JLC Advisors, may have given instructions to pay out a sum of $33.2 million held in escrow by his firm for a client, Allied Technologies. According to Allied’s statement filed with Singapore Exchange on May 23, the payment may have been “unauthorised”, citing a letter it received from JLC on May 22. Allied’s statement did not specify who the payment was made to. Ong also abruptly resigned as non-executive chairman of Annica Holdings on May 20. In a May 22 filing with SGX, Annica CEO Sandra Liz Hon Ai Ling said Ong resigne....

SGX RegCo sees targeted approach in enforcement, more powerful market discipline

SINGAPORE (May 27): Tan Boon Gin, CEO of stock exchange regulator Singapore Exchange Regulation, says the market can expect a stronger regulatory presence. “You will see a series of enforcement cases coming up quite soon,” he tells The Edge Singapore. Tan’s assertion comes amid significant changes in the market as sentiment remains lacklustre and investors’ expectations change. The local stock market has gone through significant upheaval, not least because of the penny stock crash in 2013 that wiped out some $8 billion in value from the market. The event dented investor sentiment, a....