Keppel Corporation has entered into a joint venture with Liquid Group to develop and implement a customer reward programme for Keppel Group on September 15.

The agreement was signed by Keppel Corporation’s wholly-owned subsidiary Kepventure.

In connection with the joint venture, Kepventure, Liquid Group, and Keppel Rewards have entered into a subscription and shareholders’ agreement to manage the joint venture company.

The joint venture company was incorporated as a wholly-owned subsidiary of Kepventure with an issued and paid-up share capital of $1.

Following the subscription and shareholders’ agreement, Kepventure and Liquid Group has subscribed for 1,799,999 and 200,000 shares respectively at $1 each. This means Kepventure and Liquid Group has a 90% and 10% stake in the share capital of the joint venture company respectively.

The book value and net asset value of Kepventure’s 90% interest in the joint venture company are approximately $1.8 million as at September 15.

Keppel Corp says the transaction is not expected to have any material impact on its net tangible assets per share or earnings per share for the current financial year.

Shares in Keppel Corp closed 2 cents lower, or 0.5% down, at $4.14 on September 15.