Keppel Corporation completes sale of Berich Enteprises and Keppel Kazakhstan

For a cool $32.5m.

Keppel Corporation Limited's sale and purchase agreement with KazStroyService Global Engineering B.V. for the sale of 2 shares, representing 100% of the issued and paid up capital of Berich Enterprises Limited (Berich), an indirect wholly-owned subsidiary of the Company, at a consideration of $16,250,000 per share, has been completed.

The aggregate cash consideration of S$32,500,000 for the Sale Shares was arrived at on a willing buyer willing seller basis, taking into account the book value and net tangible assets of the Sale Shares as at 20 September 2013, being USD24,801,000.

In September during the announcement of the sale, completion was said to be subject to, among other things, the approval of the applicable authorities in Kazakhstan for the transaction.

Berich is an investment holding company that holds 50% of the issued and paid up capital of Keppel Kazakhstan LLP, an associated company of the Company. An affiliate of the Purchaser is currently the holder of the other 50% of the issued and paid up capital of Keppel Kazakhstan LLP (Keppel Kazakhstan).

The principal activities of Keppel Kazakhstan are the design, engineering and construction of barges, pontoons, pipe racks, modules, and drilling units for the oil and gas industry in the Republic of Kazakhstan.

With the completion of the Sale, Berich and Keppel Kazakhstan will respectively no longer be a subsidiary and an associated company of the Company.