ACQUISITION OF SHARES IN THE CAPITAL OF PRATHUMWAN SMART DISTRICT COOLING
Unless otherwise defined, all terms and references used herein shall bear the same meanings as ascribed
to them in the Joint Media Release (as defined below).
Keppel Corporation Limited (the “Company”) refers to the joint media release issued by BCPG Public
Company Limited (“BCPG”), Keppel DHCS Pte. Ltd. (“KDHCS”) (a wholly-owned subsidiary of Keppel
Infrastructure Holdings Pte Ltd (“KI”)) and TEAM Consulting Engineering and Management Company
Limited (“TEAM GROUP”) on 23 July 2020 (the “Joint Media Release”), in relation to their formation of a
joint venture to design, build, operate and transfer the core and shell of a District Cooling System awarded
under a contract by the Property Management of Chulalongkorn University.
The Company wishes to announce that KDHCS has acquired from BCPG 16% of the shares in the joint
venture company, Prathumwan Smart District Cooling Company Limited (the “JV Company” and such
shares, the “Sale Shares”) (the “Proposed Transaction”).
The consideration for the Sale Shares of Thai Baht 8,000,000 (approximately S$311,020)1
was arrived at
on a willing buyer willing seller basis based on the par value of the Sale Shares. As at 31 October 2022,
the aggregate book value and net tangible asset value of the Sale Shares was Thai Baht 7,690,000
. The open market value of the Sale Shares is not available as the shares of
the JV Company are not listed or traded on any securities exchange. No independent valuation was
commissioned on the Sale Shares for the purpose of the Proposed Transaction.
Following completion of the Proposed Transaction, KDHCS owns 42% of the shares in the JV Company.
None of the directors and controlling shareholders of the Company has any interest, direct or indirect, in
the Proposed Transaction, other than through their shareholding interests, if any, in the Company.
The Proposed Transaction is not expected to have any material impact on the net tangible assets or
earnings per share of the Company for the current financial year.