Keppel Limited

[LionFlyer]

National service by Keppel.

[r0n]

National service by Keppel.

Don't think it's national service. They are taking the non-media part of SPH which is the valuable part based on a heavily discounted market price due to the legacy media business and also the restrictions on the listed company associated with the media business.

[LionFlyer]

It is national service because Keppel was given the first bite of the cherry instead of allowing the assets to be valued and sold to the highest bidder. I can understand for the media part of the business that they need to do this due to national security reasons but the non-core assets in a deal with Keppel?

[dydx]

A simple statement from an old lady : What Keppel's BOD/management can do to SPH's non-media assets to extract additional value and returns for Keppel's shareholders, SPH's BOD/management probably can do the same and as well for SPH's shareholders. Isn't this statement quite true? So why border to shuffle mainly property assets between 2 GLCs?

[specuvestor]

In my opinion Keppel had a good deal selling O&G assets to SMM, whose shareholders bore the brunt of the deal. Now we can see the bigger picture better

[¯|_(ツ)_/¯]

Keppel@549 
SPH@188
Keppel taking over SPH - the winner is definitely Keppel.
Selling SPH and buying Keppel would be the correct things to do, right?
Extract from Keppel's QnA:
https://links.sgx.com/FileOpen/TRSCR%20B...eID=677074

https://drive.google.com/open?id=15sESBD...4FlLopWfea

Stay home and stay safe, everyone.

[weijian]

It is national service because Keppel was given the first bite of the cherry instead of allowing the assets to be valued and sold to the highest bidder. I can understand for the media part of the business that they need to do this due to national security reasons but the non-core assets in a deal with Keppel?

Do you actually mean national service for Keppel or by Keppel?

What we are seeing, is only the end result. We haven't witness the process before the deal between Keppel Corp and SPH was finalized.

Since Capitaland (or CLIM in future) also wants to be asset light, I could have imagined CLIM lobbying Temasek for the property related assets (SPH REIT/manager, investment properties, PBSA, nursing homes) and Keppel Corp to take the rest (Copang and other investments, Genting Lane data center and M1 etc).

But I reckon Keppel fought hard for the crown jewel (asset management) by lobbying back that it would be a perfect fit to take everything, and hence the deal would be simpler.

By doing this deal, Keppel increases the AUM for its asset management biz, while getting rid of a big portion of the "illiquid" Keppel REIT - It's a double win for them.

[Squirrel]

Honestly I am quite surprised that there has been relatively light discussions on the steps Keppel Corp is taking to unlock value. IMHO the current O&M merging with Sembmarine is at an opportune time and would boost value of Kepcorp tremendously.

https://www.channelnewsasia.com/business...rn-2649751

[CY09]

https://links.sgx.com/FileOpen/KCL%20Ann...eID=731832

Keppel's 500 million share buyback has ended. As it spreads over 2 financial years, it seems Keppel has only bought about 4% of shares with the allocated amount.

[Shiyi]

The buyback mandate is for one year from April. Does anybody know why Keppel is in a hurry to terminate its buy-back program? Why doesn't it keep the option open?