Keppel Limited

Keppel Land acquires prime site in Jakarta’s CBD

Keppel Land Limited (Keppel Land), through its wholly-owned subsidiary, PT Sukses Manis Tangguh, has entered into a conditional sales and purchase agreement with Bank Central Asia to acquire a prime site in Jakarta’s central business district (CBD) for a total consideration of Rp 586 billion (approximately S$60 million). Keppel Land plans to develop a premium high-rise tower which could yield about 400 luxury apartments. The total development cost is estimated to be S$170 million.

Spanning approximately 83,000 sf with a gross floor area of approximately 390,000 sf,the site sits along the main thoroughfare of Jalan Jenderal Sudirman and is adjacent to Keppel Land’s commercial development, International Financial Centre Jakarta.

More details in http://infopub.sgx.com/FileOpen/MR-%20KL...eID=471048

CPPIB allocates up to US$350 million in partnership with Alpha Investment Partners and Keppel Data Centres  

Singapore, 12 October 2017 – Canada Pension Plan Investment Board (CPPIB) has partnered with  Alpha Investment Partners Limited (Alpha) and Keppel Data Centres Holdings Pte. Ltd. (Keppel Data Centres), both of which are part of the Keppel Group, for an initial allocation of up to US$350 million alongside the Alpha Data Centre Fund (ADCF), with the option to invest another US$150 million. 

CPPIB’s latest commitment and option will bring the ADCF’s combined and co-investment interest up to  US$1 billion, double the Fund’s initial target size of US$500 million. When fully leveraged and invested, the Fund will potentially have assets under management of approximately US$2.3 billion. 

http://infopub.sgx.com/FileOpen/SG_Alpha...eID=473984

Keppel Land China divests stakes in a residential cum marina development in Zhongshan

Keppel Land China Limited (a wholly-owned subsidiary of Keppel Land Limited ) has entered into an agreement to divest its 100% stake in Keppel China Marina Holdings Pte Ltd (“KCMH”) to Delight Prime Limited for a total consideration of approximately RMB 2,900 million (approximately S$597.4 million).

The transaction will yield for Keppel Land China a divestment gain of about S$290 million upon completion, which is expected to take place by end-2017.

KCMH indirectly owns an 80% effective stake in Sunsea Yacht Club (Zhongshan) Co. Ltd., which owns and is developing Keppel Cove, a residential cum marina development on Modao Island, Zhongshan City, China. Covering a total land area of 891,752 sqm, Keppel Cove has completed Phase 1 of its development, comprising 42 villas, a club house and a marina with 82 berths, in March 2017

The Consideration was arrived at on a willing buyer willing seller basis taking into account the unaudited net asset value of KCMH group and market value of the unsold inventories and remaining undeveloped land. The unaudited net asset value of KCMH group was approximately negative S$28.4 million as at 30 September 2017.

More details in http://infopub.sgx.com/FileOpen/KCL%20-%...eID=475351

Keppel Seghers and Zhen Hua awarded contract worth HKD 31 billion (approx. SGD 5.3 billion) for Hong Kong’s first integrated Waste Management Facility

Keppel Infrastructure Holdings Pte Ltd (Keppel Infrastructure) and China Harbour Engineering Company Limited, through their respective subsidiaries, Keppel Seghers Hong Kong Limited (Keppel Seghers HK) and Zhen Hua Engineering Co. Ltd. (Zhen Hua) have secured a project to design, build and operate an Integrated Waste Management Facility (IWMF) off the coast of Shek Kwu Chau, which is to the south of Lantau Island, Hong Kong. The contract was awarded via a competitive international tender called by the Environmental Protection Department (EPD) of the Government of the Hong Kong Special Administrative Region.

More details in http://infopub.sgx.com/FileOpen/HKIWMF%2...eID=480606

KEPPEL OFFSHORE & MARINE REACHES GLOBAL RESOLUTION WITH AUTHORITIES IN THE U.S., BRAZIL AND SINGAPORE

Keppel Offshore & Marine (KOM) has reached a global resolution with the criminal authorities in the United States, Brazil and Singapore, bringing closure to the investigations into corrupt payments made by a former agent of KOM in Brazil. Keppel O&M will pay a fine of US $422 million

More details in  http://infopub.sgx.com/FileOpen/Media%20...eID=483185

422mil is a lot of money, although only enough to hit Keppel Corp for a FY. But what's more is lost, is the reputation, which takes "years to build, and only take minutes to lose it". Some implications i think of would be (1) What about SembMarine? (so far, no updates on the investigation - no news would be good news?) (2) What about its massive PEMEX jackup rig orders/deliveries? Latin countries are corruption-prone (and their SOEs are the personification of such corrupt) but so far, there isn't any scandals emerging from PEMEX.


NO individuals were named. But incidentally i was looking through Kep Corp news releases for more background and saw that the head rolled.
Change of leadership at KOM: http://www.kepcorp.com/en/news_item.aspx?sid=6985
Clarification of allegations by the agent: http://www.kepcorp.com/en/news_item.aspx?sid=6624

so,

1) ST Marine case,
2) KeppelCorp case
3) SembMarine : wat do u think?

They denied all the way from the beginning but now bowed the to inevitable .TLC actually practiced corruption also .

(23-12-2017, 10:38 AM)tonylim Wrote: They denied all the way from the beginning but now bowed the to inevitable .TLC actually practiced corruption also .

Well, despite all the rhetoric about integrity, business reality is a lot more complicated especially when competing for business in the shrinking universe of O&M. A professor from Harvard Business School once said that if you practise good ethics in the business world, you're less likely to run into illegality. But if you aim for doing only what's legal, then the chance of tripping up is higher. For small fries like us, this is a good chance to buy the dips!

SINGAPORE: Singapore-based offshore oil rig builder Keppel on Wednesday (Aug 3) refuted allegations that its top executives authorised the company's former agent in Brazil to pay bribes on its behalf.
Read more at https://www.channelnewsasia.com/news/bus...il-7847978


http://www.channelnewsasia.com/news/busi...il-7847978