Keppel Corp, Keppel REIT Sell Units to Raise About S$153 Million
02/21/2013| 09:56pm US/Eastern
By Chun Han Wong
SINGAPORE--Keppel Corp. (BN4.SG) and Keppel REIT together raised about 153 million Singapore dollars ($123.6 million) by selling units in the real-estate investment trust, the companies said Friday.
Keppel Corp., a Singaporean conglomerate with interests in offshore and marine, real estate and telecommunications, raised about S$100 million by paring its stake in Keppel REIT to 71.7% from 75.6%.
Keppel Corp. sold 75 million Keppel REIT units to unnamed buyers at S$1.33 apiece, it said in a disclosure to the Singapore Exchange. The selling price marked a 1.1% discount to the REIT's closing price on Thursday of S$1.345.
Keppel REIT is sponsored by Keppel Land Ltd. (K17.SG), the real-estate arm of Keppel Corp.
In a related deal, Keppel REIT (K71U.SG) raised S$53.2 million in a placement, selling 40 million new units at S$1.33 apiece. In a disclosure, the trust said it will use the proceeds to repay debt, and fund general corporate uses and working capital.
Barclays Bank handled both deals.
Write to Chun Han Wong at firstname.lastname@example.org
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