ACQUISITION OF49.9 INTEREST IN NEW JOINT VENTURE WITH MET GROUP AND
trade OF 10 INTEREST IN MET GROUP
Keppel Corporation Limited( the “ Company ”) wishes to advertise that Keppel structure
effects Pte Ltd( “ KI ”), through Keppel Renewables Switzerland Holding AG( to be
incorporated in Switzerland as an circular wholly- possessed attachment of the Company)( “ KRSH ”),
represented by its founding shareholder Keppel Energy Switzerland Holding AG( “ KESH ”), is
acquiring a49.9 equity interest( the “ New JV Shares ”) in MET Italian Green means Holding
AG( to be renamed Keppel MET Renewables Holding AG upon completion of the accession)
( “ Keppel MET Renewables ”) from MET Green means Holding AG( “ MET Green means ”), a
wholly- possessed attachment of MET Holding AG( “ MET Group ”)( the “ Acquisition ”).
KRSH will acquire the New JV Shares and pay an aggregate quantum of EUR 30 million( approx.
SGD42.6 million1
), of which roughly( i) EUR28.75 million( approx. SGD40.83 million)
will be paid as consideration for the New JV Shares, and( ii) a farther quantum of EUR1.25
million( approx. SGD1.78 million) will be paid for the assignment by MET Green means to
KRSH of49.9 of the being shareholders loan extended by MET Green means to Keppel
MET Renewables.
As part of the strategic deal, KESH, an circular wholly- possessed attachment of KI, has divested a
equity interest( the “ MET trade Shares ”), out of the 20 it possessed, in MET Group to its
author and Chief Executive Officer, Benjamin Lakatos( “ BL ”), for a consideration of EUR31.86
million( approx. SGD45.2 million), with the intention of reinvesting the proceeds into Keppel
MET Renewables( the “ Divestment ”, and together with the Acquisition, the “ Proposed
Deals ”).
The consideration for the Acquisition was arrived at on a willing buyer willing dealer base, taking
into account, among others, the business plan of Keppel MET Renewables, its strategic graces
and development channel. The consideration for the Divestment was arrived at on a willing
buyer willing dealer base, taking into account, among others, that the proceeds of the
Divestment would be reinvested into Keppel MET Renewables as part of the Acquisition. As at
30 September 2022, the aggregate book value and net palpable asset value of the New JV
Shares was EUR4.56 million( approx. SGD6.48 million), and the aggregate book value and net
palpable asset value of the MET trade Shares was EUR48.5 million( approx. SGD 69 million).
The open request value of the New JV Shares and the MET trade Shares aren’t available and
neither are listed or traded on any securities exchange. No independent valuation was
commissioned on the New JV Shares or the MET trade Shares for the purpose of the Proposed
Deals.
Upon completion of the Proposed Deals, Keppel MET Renewables will come an
associated company, and MET Group will cease to be an associate, of the Company.
None of the directors and controlling shareholders of the Company has any interest, direct or
circular, in the sale, other than through their shareholding interests, if any, in the
Company.
The Proposed Deals aren’t anticipated to have any material impact on the net palpable
means per share or earnings per share of the Company for the current fiscal time.
Source link:https://www.kepcorp.com/
