Keppel Corporation (Keppel Corp)

Keppel reverses out of the red in 4Q with earnings of $135 mil on absence of graft-linked penalty and costs

SINGAPORE (Jan 24): Keppel Corporation reported earnings of $135 million for 4Q18 ended Dec 2018, compared to a net loss of $492 million for 4Q17.

Excluding the one-off financial penalty and related costs of $619 million arising from Keppel O&M’s global resolution with criminal authorities in 4Q17, earnings for 4Q18 of $135 million was 6% above the earnings of $127 million for 4Q17.

Keppel Land China acquires commercial property in China's Silicon Valley for $111 mil

SINGAPORE (Jan 1): Keppel Land China is acquiring a 11-storey commercial property in Zhongguancun, widely known as China's Silicon Valley for an aggregate cash consideration of RMB 555 million ($111 million).

On Dec 31, Keppel Corp announced wholly-owned subsidiary Tosalco has entered into an agreement with A Li Yun Shan (Beijing) Business Consulting Co. to secure a 100% stake in Beijing Chang Sheng Business Consulting Co which owns the property.

Right timing: Major blue chips break support as STI drifts lower

SINGAPORE (Dec 22): The Straits Times Index ended the week below its 50-day moving average, currently at 3,068. Quarterly momentum has retreated and appears poised to fall below its own moving average.

The 21-day RSI continues to retreat. ADX which had been falling, has flattened. DIs are negatively placed. When ADX turns up, the STI could fall towards its Oct 26 intra-day low of 2,955.

Keppel Land China secures residential site in Tianjin Eco-City for $214 mil

SINGAPORE (Dec 19): Keppel Land China, a wholly-owned subsidiary of Keppel Corporation, has secured a 10.97-ha residential site in the Sino-Singapore Tianjin Eco-City (Eco-City) for RMB 1.07 billion ($214 million) in a public land tender.

The new site will be developed into an eco-community comprising 392 units of terrace houses and 180 units of low-rise apartments. Targeted at upper-middle income homebuyers, the project is expected to be launched in 4Q19.

The total development cost for the project is expected to be in excess of RMB 1.90 billion.

Keppel Land in JV to develop its first commercial property in India

SINGAPORE (Oct 1): Keppel Land, the property arm of Keppel Corporation, is developing its first commercial property in India through a joint venture.

Subsidiary Keppel Puravankara Development (KPDL), a joint venture company with an Indian property developer, Puravankara, entered into agreements to acquire a prime 3.09ha site from Metro Cash & Carry India.

Privatisation of Keppel T&T at $1.91 highly likely to go through

SINGAPORE (Sept 28): If Axiata rejects the pre-conditional voluntary general offer (VGO) by Keppel and SPH to acquire M1 at $2.06 per share, the deal still goes through as it takes another effective 18% from the market to gain 51%, say analysts.

Assuming Axiata, which has a 28% stake in M1, is the only shareholder to reject the offer, the the deal will still go through. It will result in Keppel and SPH jointly owning 72% of M1 via the offering company, Konnectivity.  In this case, the privatisation of Keppel T&T at $1.91 is highly likely to go through.

Keppel T&T, SPH mulling potential transaction involving respective M1 stakes

SINGAPORE (Sept 24): Keppel Corp and Singapore Press Holdings (SPH) are considering a potential transaction involving their respective stakes in telco M1.

Keppel owns 19.3% of M1, via Keppel T&T, while SPH owns 13.5% of M1. A general offer for M1 would be triggered should both Keppel and SPH divest their respective stakes in M1 to a third-party investor.

Malaysian telco Axiata Group is M1’s largest single shareholder with a 28.7% stake.

In a filing this morning, Keppel says there is no certainty or assurance that any transaction will occur.

Swiss regulator raps Credit Suisse for anti-corruption failings

ZURICH (Sept 17): Credit Suisse will be overseen by an independent monitor after failing in its duty to combat corruption in cases linked to soccer body Fifa and Venezuelan and Brazilian state oil companies, Swiss finance industry watchdog Finma said on Monday.

Separately, the Swiss authority determined Credit Suisse also fell short of its obligation to fight money laundering while managing "a significant business relationship for the bank with a politically exposed person", Finma said in a statement.

Keppel Capital to establish new $1 bil wholesale Australian property fund with Vicinity

SINGAPORE (Aug 6): Keppel Capital Ventures, the wholly-owned subsidiary of Keppel Capital Holdings, the asset management arm of Keppel Corp, has entered into a MOU with Vicinity Centres, a leading Australian retail property group listed on the Australian Securities Exchange, to establish a new private fund.

The proposed fund intends to invest in an initial A$1 billion ($1 billion) portfolio of Australian retail properties owned by Vicinity Centres.

Sembcorp, YTL said to eye pursuing $1.5 bil Hyflux plant

(Aug 3): Sembcorp Industries and Keppel Corp. are among parties planning to study bids for Hyflux’s biggest asset, according to people with knowledge of the matter, in a sale that’s key to helping the cash-strapped company get back on its feet.

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