Keppel Reits and Keppel Corp sell shares

By

Ven Sreenivasan

         

 

Separately, parent Keppel Corp announced the sale of 75 million Keppel Reits shares at S$1.33 to raise S$99.75 million - PHOTO : KEPPEL

Keppel REIT is raising S$53.2 million via the placement of 40 million new shares at S$1.33 per share. The net proceeds from the placement will be approximately S$52.3 million, after deducting the underwriting and selling commission and other estimated fees and expenses (including professional fees and expenses). The issue price is a discount of 0.64 per cent to the adjusted volume weighted average price of S$1.3385 per unit on February 21. The bulk of the funds raised will be used to repay outstanding borrowings, general corporate and working capital purposes. The placement will increase total traded unit base by 1.52 per cent.

Separately, parent Keppel Corp announced the sale of 75 million Keppel Reits shares at S$1.33 to raise S$99.75 million. The sale will reduce Keppel Corp's interest in Keppel Reits to 71.66 per cent, from 75.59 per cent prior to sale.