Keppel Corp (Keppel)

As KrisEnergy readies new restructuring plan, retail bondholders wary of being suckers again

(Sept 23): Like many oil and gas companies, KrisEnergy has been severely affected by the prolonged slump in oil prices over the past five years. Both exploration and production have become riskier undertakings. The company, which has been in the red since its 2013 IPO, now faces insolvency.

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Keppel Land China in JV to acquire, develop Nanjing mixed-use site

SINGAPORE (Aug 22): Keppel Corp’s China property arm is jointly developing 3.8ha of land in Nanjing, China, into a commercial and residential mixed-use property.

The site has a gross floor area of 99,248 sq m and can yield about 211 residential units, 342 commercial units and 79 shop units, said Keppel on Wednesday. Phase 1 is expected to be launched in 2Q20 and the entire project is slated for completion by 2024.

KrisEnergy seeks court protection as debt mounts to as much as US$477 mil

SINGAPORE (Aug 15): KrisEnergy has asked for a court order to restrain the commencement of legal proceedings and enforcement actions by its creditors, for a period of six months.

In a filing late on Wednesday night, the independent upstream oil and gas firm said the moratorium will provide the company with "breathing space and room" which is essential in allowing it to pursue restructuring with key stakeholders.

Keppel Corp's valuation undemanding with property shift; O&M refocuses on gas and renewables

(July 29): In April, when Keppel Corp announced its 1QFY2019 results, its group CEO Loh Chin Hua revealed some statistics on its wholly-owned property subsidiary, Keppel Land. “At the end of 2018, we calculated the [revalued net asset value] of Keppel Land to be about $10.3 billion, or $5.68 for each share of Keppel Corp. This does not include the Keppel Group’s 45% stake in Sino-Singapore Tianjin Eco-City Investment and Development Co, which has an RNAV of about $1.2 billion, or $0.66 for each share of Keppel Corp,” Loh said.

Keppel Corp's valuation undemanding with property shift; O&M refocuses on gas and renewables

(July 29): In April, when Keppel Corp announced its 1QFY2019 results, its group CEO Loh Chin Hua revealed some statistics on its wholly-owned property subsidiary, Keppel Land. “At the end of 2018, we calculated the [revalued net asset value] of Keppel Land to be about $10.3 billion, or $5.68 for each share of Keppel Corp. This does not include the Keppel Group’s 45% stake in Sino-Singapore Tianjin Eco-City Investment and Development Co, which has an RNAV of about $1.2 billion, or $0.66 for each share of Keppel Corp,” Loh said.

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Keppel Land to co-develop $425 mil residential development in Ho Chi Minh City

SINGAPORE (July 11): Keppel Land has acquired a 60% stake in three land parcels in Vietnam for $76 million to co-develop 2,400 premium apartments.

The conditional share purchase agreement for the three land sites was signed by Keppel Land’s wholly-owned subsidiary, Monestine, and Vietnamese developer, Phu Long Real Estate Corporation.

Keppel O&M associate Floatel to merge with Prosafe to ride long downturn

SINGAPORE (June 4): Floatel International, an associated company of Keppel Offshore & Marine (Keppel O&M) which is part of the Keppel group of companies, has agreed to a merger with Prosafe SE.

Prosafe, listed on the Oslo Stock Exchange, is a leading owner and operator of semi-submersible accommodation vessels (flotels) while Floatel delivers offshore accommodation to clients in the oil and gas industry worldwide.

The proposed merge would create the world’s largest offshore accommodation provider with improved services and geographical presence.

Keppel wins contract for two offshore wind farm substations from Ørsted

SINGAPORE (May 13): Keppel Offshore & Marine’s (Keppel O&M) wholly-owned subsidiary Keppel FELS has secured a contract from Danish renewable energy company Ørsted for two offshore wind farm substations worth more than $150 million.

The contract comprises detailed engineering, procurement, construction, testing and commissioning for two offshore wind farm 600MW substations but excludes certain electrical components to be furnished by Ørsted.

Successful conclusion to PPS2 gives outsized returns to investors

SINGAPORE (Apr 29): On April 19, EdgeProp reported that two adjoining eight-storey Grade-A office buildings at 7 and 9 Tampines Grande were sold to a joint venture between Evia Real Estate and Metro Holdings for $395 million. The purchase price translates into $1,373.45 psf, based on net lettable area (NLA). The buildings have a remainder lease of 87 years, and tenants include AIA, Hitachi Asia and BNP Paribas.

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Keppel said to consider Shanghai tower purchase

(Mar 25): An arm of Singapore’s Keppel Corp. is considering buying twin buildings on the banks of Shanghai’s Huangpu River from Dalian Yifang Group Co., people familiar with the matter said.

The property, known as Shanghai Yi Fang Center, could fetch more than 4 billion yuan ($805 million), according to the people. Keppel is discussing the deal through its asset-management unit Keppel Capital Holdings, one of the people said, asking not to be identified because the discussions are private.

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