Keppel expects to book approximately S$3.4 billion[1],[2] gain in earnings accretive transaction.
Keppel Corporation Limited (Keppel) wishes to announce that its shares will trade ex-dividend, in relation to the distribution in specie (DIS) of approximately 19.1 Sembcorp Marine (SCM) shares per Keppel share held, when market opens on 23 February 2023.
Arising from the completion of the combination of Keppel Offshore & Marine and Sembcorp Marine, Keppel expects to book a substantial disposal gain of approximately S$3.4 billion[1],[2]. While the distribution in specie to Keppel shareholders has an implied value of approximately S$4.1 billion[4], as it will be paid out largely from the disposal gain, it will only have a marginal impact of S$0.28 per share[1],[4] to Keppel’s Net Tangible Assets for FY 2022 on a pro forma basis[2].
All capitalised terms not otherwise defined herein shall have the same meanings as defined in the Company’s circular to Shareholders dated 23 November 2022 in relation to the Proposed Transaction and the Proposed Distribution.
The completion of the O&M Transactions[5] marks a big step forward in Keppel’s Vision 2030 strategy, as the Group simplifies its business and transforms from a conglomerate into a global asset manager and operator, with strong capabilities in energy and environment, urban development and connectivity.
