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Hi shiyi,
Keppel allocated 500 million sing dollars to buy back shares. It used up the full amount which only amounted to 4% of its share base
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03-05-2023, 01:53 PM
(This post was last modified: 03-05-2023, 01:53 PM by specuvestor.)
Singapore property behemoth and asset manager Keppel Corp. will unwind its conglomerate structure in a move to increase its recurring income and cut costs.
Over the next 12 to 18 months the company will restructure into three divisions — funds management, capital investment and operating platforms, which includes infrastructure, real estate and connectivity — according to a statement Wednesday.
Keppel said it expects annual savings of as much as S$70 million ($53 million) by 2026 from the reorganization.
“This latest restructuring reflects a fundamental shift in how we organize ourselves to operate in a nimbler manner and harness technology to grow at speed and scale,” Chief Executive Officer Loh Chin Hua said in the statement.
Keppel also announced an interim target of S$100 billion of assets under management by the end of 2026, with a goal to double that by 2030. It had S$50 billion of assets under management at the end of last year. The group will also work toward monetizing assets, including its land bank, to raise as much as S$12 billion by 2026.
The reorganization comes after Keppel reported full-year net income of S$927 million — beating analyst estimates — but down 9.4% compared to the previous year. Revenue missed estimates by about S$1.5 billion.
-Bloomberg
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Think Asset-Business-Structure (ABS)