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Keppel Corp. : SGXNET: Acquisition of Units in K-REIT Asia

12/30/2011 | 08:05am US/Eastern

Keppel Corporation Limited (the "Company") wishes to announce that it has today, through K-REIT Asia Management Limited ("KRAM"), a wholly-owned subsidiary of Keppel Land Limited received 23,534,019 units in K-REIT Asia issued at a price of S$0.8554 per unit as payment by K-REIT Asia of the acquisition fee due to KRAM as the manager of K-REIT Asia for the acquisition by K-REIT Asia of an approximate
87.51% equity interest in Ocean Properties Pte. Limited which owns Ocean Financial Centre.
The issue price per unit was arrived at based on the volume weighted average price for a unit in K-REIT Asia for all trades done on the Singapore Exchange Securities Trading Limited in the ordinary course of trading for the period of ten business days immediately preceding 14 December 2011.
This mode of payment of the acquisition fee in the form of units in K-REIT Asia is in accordance with the provisions of the trust deed dated 28 November 2005 (as amended) constituting K-REIT Asia.
With this transaction, the total number of units in K-REIT Asia, deemed to be held by the Company
(through Keppel Real Estate Investment Pte Ltd, and Keppel Land Limited) has increased from
1,940,589,450 units (representing 76.88% of the total number of issued units in K-REIT Asia as at 30
December 2011) to 1,964,123,469 units (representing 77.10% of the total number of issued units in K- REIT Asia as at 30 December 2011).
The above transaction is not expected to have any significant impact on the earnings per share and net tangible asset per share of the Company for the current financial year.


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