Keppel Corp. : SGXNET: Acquisition of Units in K-REIT Asia
ACQUISITION OF UNITS IN K-REIT ASIA
12/30/2011| 07:05am 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
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.