Keppel Corp is seeking shareholders' go-ahead to change its name to "Keppel Ltd" to better reflect its new brand identity as one company, rather than a conglomerate of diverse parts.

Under CEO Loh Chin Hua's on-going Vision 2030 plan introduced earlier, Keppel is reorganising itself into three "horizontally integrated" platforms for fund management, investment and operations.

For decades, Keppel has been run as a conglomerate, with various business units having their distinct identify or listing status.

"This latest restructuring reflects a fundamental shift in how Keppel organises itself to operate itself in a nimbler manner and harness technology to grow at speed and scale," reads Keppel in its Sept 26 circular sent to shareholders.

At the upcoming EGM, to be held on Oct 18, shareholders will also be asked to give the go-ahead for the company to distribute units of Keppel REIT in specie as part of a bigger dividend package they stand to receive.

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Keppel had already paid an interim dividend of 15 cents per share following the 1HFY2023 earnings.

Under terms of the proposed distribution, for every five Keppel shares held, investors can get to receive a unit of Keppel REIT, which changed hands at 87 cents per unit as of lunch break on Sept 26.

The distribution will go ex on Oct 25 and shareholders will receive their Keppel REIT units on Nov 7.

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Following the distribution, Keppel's stake in Kepel REIT will be cut from 46.3% to 37%.

According to Keppel in the circular, the proposed distribution will enable shareholders to directly participate in the ownership of, and enjoy returns from, securities held in both Keppel and Keppel REIT without any additional cash outlay.

"In addition to the reasons set out above, the proposed distribution serves as a one-off special dividend to commemorate the 55th anniversary of the establishment of the company on August 3 and to thank shareholders for their trust and support over the years," Keppel says.

Keppel Corp shares closed at $6.80 ahead of the lunch break, up 0.74% for the day but down 6.46% year to date.

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