Keppel Corporation

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Keppel Infrastructure invests in integrated European energy company MET Group

Keppel Infrastructure Holdings Pte Ltd (Keppel Infrastructure), through Keppel Energy Switzerland Holding AG (an indirect wholly owned Keppel Infrastructure subsidiary to be incorporated in Switzerland), is investing €53.02 million (approximately S$80 million) in cash for a 20% stake in MET Holding AG (MET Group), an integrated European energy company headquartered in Switzerland. In addition, the two companies will enter into a strategic partnership to jointly explore investment opportunities focussing on European energy infrastructure assets. MET Group has businesses in natural gas, power and oil markets, focussed on multi-commodity wholesale, trading and sales, as well as energy infrastructure and industrial assets. 

Achieving €10.7 billion in revenue in 2018, MET Group has a presence across 15 European countries. MET Group is active in 26 national gas markets and 22 international trading hubs, having traded more than 42 billion cubic meters of gas across Europe in 2018. As one of the largest independent energy suppliers in Central and Eastern Europe, MET Group supplies natural gas and electricity to a diverse portfolio of customers. After completing a management buy-out in 2018, MET Group is now focussed on actively growing its asset base amidst the backdrop of the European energy markets shifting toward less carbon intensive and renewable energy solutions. The European energy transition is driving restructuring and strategic shifts across the industry, leading to market consolidation and acquisition opportunities across the region.

Keppel Infrastructure is the infrastructure arm of Keppel Corporation Limited (Keppel Corporation), one of Singapore’s leading listed corporates. Keppel Corporation is a multi-business company providing solutions for sustainable urbanisation to meet the world’s growing needs for energy, clean environments, high-quality urban spaces, and connectivity. A wholly-owned subsidiary of Keppel Corporation, Keppel Infrastructure, through its energy infrastructure division, provides competitive energy solutions and services, anchored by an integrated natural gas and power business in Singapore.

More details in https://links.sgx.com/FileOpen/20191205_...eID=589565
Specuvestor: Asset - Business - Structure.
Reply
Keppel Infrastructure invests in integrated European energy company MET Group

Keppel Infrastructure Holdings Pte Ltd (Keppel Infrastructure), through Keppel Energy Switzerland Holding AG (an indirect wholly owned Keppel Infrastructure subsidiary to be incorporated in Switzerland), is investing €53.02 million (approximately S$80 million) in cash for a 20% stake in MET Holding AG (MET Group), an integrated European energy company headquartered in Switzerland. In addition, the two companies will enter into a strategic partnership to jointly explore investment opportunities focussing on European energy infrastructure assets. MET Group has businesses in natural gas, power and oil markets, focussed on multi-commodity wholesale, trading and sales, as well as energy infrastructure and industrial assets. 

Achieving €10.7 billion in revenue in 2018, MET Group has a presence across 15 European countries. MET Group is active in 26 national gas markets and 22 international trading hubs, having traded more than 42 billion cubic meters of gas across Europe in 2018. As one of the largest independent energy suppliers in Central and Eastern Europe, MET Group supplies natural gas and electricity to a diverse portfolio of customers. After completing a management buy-out in 2018, MET Group is now focussed on actively growing its asset base amidst the backdrop of the European energy markets shifting toward less carbon intensive and renewable energy solutions. The European energy transition is driving restructuring and strategic shifts across the industry, leading to market consolidation and acquisition opportunities across the region.

Keppel Infrastructure is the infrastructure arm of Keppel Corporation Limited (Keppel Corporation), one of Singapore’s leading listed corporates. Keppel Corporation is a multi-business company providing solutions for sustainable urbanisation to meet the world’s growing needs for energy, clean environments, high-quality urban spaces, and connectivity. A wholly-owned subsidiary of Keppel Corporation, Keppel Infrastructure, through its energy infrastructure division, provides competitive energy solutions and services, anchored by an integrated natural gas and power business in Singapore.

More details in https://links.sgx.com/FileOpen/20191205_...eID=589565
Specuvestor: Asset - Business - Structure.
Reply
Rainbow 
22 Apr 2020 Keppel won $1.5 billion contract for Tuas Nexus Integrated Waste Management Facility (IWMF)
Engineering, Procurement and Construction of a Waste-To-Energy (WTE) facility and a Materials Recovery Facility (MRF) for Singapore’s
new Tuas Nexus IWMF, co-located with PUB’s Tuas Water Reclamation Plant (Tuas WRP) at the Tuas View Basin site.
Target completion: 2027
(click to read joint statement)

Keppel: 48%
Lead and Project Manager to provide proprietary WTE technology, the WTE facility will generate sufficient electricity to sustain the operations of Tuas Nexus IWMF Phase 1 and
the initial phase of Tuas WRP, with excess electricity for export to the grid. 

ST Engineering: 31%
Construct the MRF, powerisland and the balance of plant. With advanced technologies to sort metals, paper, cardboard and plastics automatically,
the MRF will improve sorting efficiency, contributing towards the overall recycling rate in Singapore.

China Harbour: 21%
Undertake the civil, structural and landscaping.

Stay Home and stay healthy.
Watch CNA:
Reply
Rainbow 
22 Apr 2020 Keppel won $1.5 billion contract for Tuas Nexus Integrated Waste Management Facility (IWMF)
Engineering, Procurement and Construction of a Waste-To-Energy (WTE) facility and a Materials Recovery Facility (MRF) for Singapore’s
new Tuas Nexus IWMF, co-located with PUB’s Tuas Water Reclamation Plant (Tuas WRP) at the Tuas View Basin site.
Target completion: 2027
(click to read joint statement)

Keppel: 48%
Lead and Project Manager to provide proprietary WTE technology, the WTE facility will generate sufficient electricity to sustain the operations of Tuas Nexus IWMF Phase 1 and
the initial phase of Tuas WRP, with excess electricity for export to the grid. 

ST Engineering: 31%
Construct the MRF, powerisland and the balance of plant. With advanced technologies to sort metals, paper, cardboard and plastics automatically,
the MRF will improve sorting efficiency, contributing towards the overall recycling rate in Singapore.

China Harbour: 21%
Undertake the civil, structural and landscaping.

Stay Home and stay healthy.
Watch CNA:
Reply
I think if there's something worse than not winning contracts... It's winning contracts and not being able to start... you have to prepare the costs/resources to start the project but you can't start.
Reply
I think if there's something worse than not winning contracts... It's winning contracts and not being able to start... you have to prepare the costs/resources to start the project but you can't start.
Reply
Rainbow 
28 Apr 2020 Keppel Sell 38 million KDC Reit to Credit Suisse
https://links.sgx.com/FileOpen/KCL%20Sal...eID=608297
(click for details)

S&P was entered on 27/4/2020 at $2.42 per unit, $46 million gain on disposal.

Stay home, stay healthy,
Disruptive technology at Keppel DC:
Reply
Rainbow 
28 Apr 2020 Keppel Sell 38 million KDC Reit to Credit Suisse
https://links.sgx.com/FileOpen/KCL%20Sal...eID=608297
(click for details)

S&P was entered on 27/4/2020 at $2.42 per unit, $46 million gain on disposal.

Stay home, stay healthy,
Disruptive technology at Keppel DC:
Reply
Rainbow 
28 Apr 2020 Keppel announced amendment to condition for partial offer.
(click for sgx announcement)

Basically, there are 2 additional pre-condition in order to approve the partial offer:
1. required PUB approval - The Public Utilities (Amendment) Act (No. 13 of 2020) (the “PUAA”) came into force on 1 April 2020
2. required MAS approval - In connection with the acquisition by the Offeror of an indirect interest in Pierfront Capital 

Stay home and stay healthy, buddies.
Reply
Rainbow 
28 Apr 2020 Keppel announced amendment to condition for partial offer.
(click for sgx announcement)

Basically, there are 2 additional pre-condition in order to approve the partial offer:
1. required PUB approval - The Public Utilities (Amendment) Act (No. 13 of 2020) (the “PUAA”) came into force on 1 April 2020
2. required MAS approval - In connection with the acquisition by the Offeror of an indirect interest in Pierfront Capital 

Stay home and stay healthy, buddies.
Reply
Rainbow 
29 Apr Updates on recent Keppel transactions
one word - busy busy busy.


I thought that with C19, activities should be slow due to lock down of boarders.
It's not true any more.
So many deals had Keppel cut during this trying period.
Amazing.
(click for details)

In additional, M1 being a partner of Starhub, had also been allocated 5G spectrum for islandwide deployment too.
(click for summary post) 


Today Keppel also announced it's 1Q2020 result
https://links.sgx.com/FileOpen/1.%20KCL%...eID=608634
(click for ppt)

Extracted the impact on C19 as this is interesting to me:
"Many of the Group’s businesses provide essential services, such as power, data centres and telecommunications, and continue to operate even during the ongoing circuit breaker in Keppel Corporation Limited, Page 23 of 29 Singapore. Arising from the lockdowns and disruptions to international supply chains, several of the Offshore & Marine Division’s projects have been delayed. 

Force majeure notices have been served to customers of the affected projects and the Group is working closely with them to mitigate the impact of COVID-19. While progress in securing new orders has slowed due to COVID-19 and the fall in oil prices, the Offshore & Marine Division continues to have a sizeable orderbook which will keep our yards occupied for the next two years. 

The Property Division has limited retail and hospitality assets and our office portfolio is relatively resilient to COVID-19. The impact of the pandemic is therefore mainly on residential trading projects and its impact across markets is not uniform. With the slowdown in construction resulting from COVID-19, the handover of certain property projects may be delayed by a few months. 

Construction works at the Keppel Marina East Desalination Plant (KMEDP) and Hong Kong Integrated Waste Management Facility have slowed as a result of COVID-19. However, the KMEDP remains on track to commence operations later this year. 

With COVID-19 and work from home arrangements further increasing the demand for digital connectivity, and has accelerated digital transformation for many organisations which will, over the longer term, create new opportunities for the Group’s connectivity business. The Group has also implemented various measures to safeguard the health and well-being of our employees and stakeholders, in accordance with guidelines issued by the authorities. As the COVID-19 situation continues to evolve, the Group will proactively implement measures in mitigating the potential impact on the Group.  

Stay home and stay healthy, everyone.
Reply
Rainbow 
29 Apr Updates on recent Keppel transactions
one word - busy busy busy.


I thought that with C19, activities should be slow due to lock down of boarders.
It's not true any more.
So many deals had Keppel cut during this trying period.
Amazing.
(click for details)

In additional, M1 being a partner of Starhub, had also been allocated 5G spectrum for islandwide deployment too.
(click for summary post) 


Today Keppel also announced it's 1Q2020 result
https://links.sgx.com/FileOpen/1.%20KCL%...eID=608634
(click for ppt)

Extracted the impact on C19 as this is interesting to me:
"Many of the Group’s businesses provide essential services, such as power, data centres and telecommunications, and continue to operate even during the ongoing circuit breaker in Keppel Corporation Limited, Page 23 of 29 Singapore. Arising from the lockdowns and disruptions to international supply chains, several of the Offshore & Marine Division’s projects have been delayed. 

Force majeure notices have been served to customers of the affected projects and the Group is working closely with them to mitigate the impact of COVID-19. While progress in securing new orders has slowed due to COVID-19 and the fall in oil prices, the Offshore & Marine Division continues to have a sizeable orderbook which will keep our yards occupied for the next two years. 

The Property Division has limited retail and hospitality assets and our office portfolio is relatively resilient to COVID-19. The impact of the pandemic is therefore mainly on residential trading projects and its impact across markets is not uniform. With the slowdown in construction resulting from COVID-19, the handover of certain property projects may be delayed by a few months. 

Construction works at the Keppel Marina East Desalination Plant (KMEDP) and Hong Kong Integrated Waste Management Facility have slowed as a result of COVID-19. However, the KMEDP remains on track to commence operations later this year. 

With COVID-19 and work from home arrangements further increasing the demand for digital connectivity, and has accelerated digital transformation for many organisations which will, over the longer term, create new opportunities for the Group’s connectivity business. The Group has also implemented various measures to safeguard the health and well-being of our employees and stakeholders, in accordance with guidelines issued by the authorities. As the COVID-19 situation continues to evolve, the Group will proactively implement measures in mitigating the potential impact on the Group.  

Stay home and stay healthy, everyone.
Reply
Rainbow 
30 Apr 2020 Keppel provided USD87m loan to KrisEnergy to develop
Cambodia Block A (“CBA”), covers an area of 3,083sq km over the Khmer Basin, an unproduced geological basin
approximately 150km offshore Cambodia in Cambodian maritime waters of the Gulf of Thailand. 

Stay home and stay healthy, valuebuddies.
Reply
Rainbow 
30 Apr 2020 Keppel provided USD87m loan to KrisEnergy to develop
Cambodia Block A (“CBA”), covers an area of 3,083sq km over the Khmer Basin, an unproduced geological basin
approximately 150km offshore Cambodia in Cambodian maritime waters of the Gulf of Thailand. 

Stay home and stay healthy, valuebuddies.
Reply
Rainbow 
1 May 2020 Keppel sold 10,500,000 units in Keppel Reit via married deal at S$1.067 per share.
https://links.sgx.com/FileOpen/Announcem...eID=609085

No mention on buyer yet.

Reply
Rainbow 
1 May 2020 Keppel sold 10,500,000 units in Keppel Reit via married deal at S$1.067 per share.
https://links.sgx.com/FileOpen/Announcem...eID=609085

No mention on buyer yet.

Reply
6 May 2020 PNC Financial Services Group/Blackrock Inc reduced 14m Keppel shares from 5.2% to 4.41%
Reason given: Change in interest due to decrease in collateral
(click to read)

Valuebuddies who is keen to find out major shareholders of Keppel can check out 2019 AR.
(pg 228)

Stay home and stay safe, valuebuddies.

Reply
6 May 2020 PNC Financial Services Group/Blackrock Inc reduced 14m Keppel shares from 5.2% to 4.41%
Reason given: Change in interest due to decrease in collateral
(click to read)

Valuebuddies who is keen to find out major shareholders of Keppel can check out 2019 AR.
(pg 228)

Stay home and stay safe, valuebuddies.

Reply
Rainbow 
7 May 2020 BlackRock increased Keppel from 4.43% to 5.66% (click for details)
Reason: Change in interest due to increase in collateral.

This collateral thingy is quite interesting.
Unfortunately, I don't have access to Bloomberg otherwise might be able to drill down for next level of details.

Stay Home and Stay Healthy, everyone.
Reply
Rainbow 
7 May 2020 BlackRock increased Keppel from 4.43% to 5.66% (click for details)
Reason: Change in interest due to increase in collateral.

This collateral thingy is quite interesting.
Unfortunately, I don't have access to Bloomberg otherwise might be able to drill down for next level of details.

Stay Home and Stay Healthy, everyone.
Reply


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