KS Investments divests entire stake in Keppel Smit Towage, Maju Maritime for $133m

The shares will be sold to Rimorchiatori Mediterranei Spa.

KS Investments Pte. Ltd (KSI), a subsidiary of Keppel Offshore & Marine Ltd (Keppel O&M), is divesting all its shares in Keppel Smit Towage Private Limited (“KST”) and Maju Maritime Pte Ltd (“Maju”) to Rimorchiatori Mediterranei Spa for approximately $133m.

KSI has a 51% stake in both companies.

The divestments, which are expected to take place in the first half of 2022, are part of Keppel O&M’s review to streamline and divest its non-core assets, in line with Keppel’s Vision 2030 plans.

In a bourse filing, Keppel Corporation Limited (KCL) said it expects to recognise a divestment gain of approximately $72m after the completion of its unit’s divestments.

Had the divestment been completed on 31 December 2020, KCL said net tangible assets per share would have increased to $5.06 from $5.02.

Meanwhile, if the divestments were completed on 1 January 2020, the loss per share for FY2020 would have reduced from 27.8 cents to 24.0 cents.