Keppel Corp announced on Nov 15 that KS Investments, a wholly-owned subsidiary of Keppel Offshore & Marine, is divesting its entire 51% shareholding interest in each of Keppel Smit Towage and Maju Maritime for an aggregate cash consideration of some $133 million.

Completion of the divestments is conditional upon approval from regulatory authorities in Singapore.

The stakes are being sold to Rimorchiatori Mediterranei Spa.

In a filing to the Singapore Exchange, Keppel states it expects to recognize a divestment gain of approximately $72 million from the divestments.

Shares in Keppel closed up 1 cent or 0.19% higher at $5.29 on Nov 12.

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Photo: Keppel