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Keppel Group consolidates ownership of Keppel Bay Tower

By Amy Tan

/ Keppel Group, The Edge Property |

December 31, 2015 9:00 AM SGT

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Keppel Corp and Keppel Land (Keppel Group) have, through a subsidiary, entered into and completed a share purchase agreement with Mapletree Investments to acquire the remaining 30% interest in Harbourfront One, which holds Keppel Bay Tower, for about $180.9 million.

This is part of a share swap transaction with Mapletree that sees the holding companies under the Keppel Group selling to Mapletree their 39%interest in Harbourfront Two, which holds Harbourfront Towers 1 and 2, for around $225.7 million. “The share swap will allow Keppel Group to increase its interest in Keppel Bay Tower from the current 70% to 100%, thus consolidating our full ownership of the building,” says Loh Chin Hua, CEO of Keppel Corp and chairman of Keppel Land.

Keppel Bay Towers and Harbourfront Towers 1 and 2 were jointly developed by Keppel and Mapletree in 2002 as part of the Keppel Bay and Harbourfront development.

The transactions are not expected to have any material impact on the net tangible assets per share or earnings per share of Keppel Corp for the current financial year.

Shares in Keppel Corp closed 0.31%higher at $6.52.

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