By
Keppel Corporation intends to increase its stake in IPO
aspirant, KrisEnergy Ltd, from 20 per cent to 36 per cent for up to
US$122.7 million through the exercise of a call option. -- PHOTO: ST
Keppel Corporation intends to increase its stake in IPO
aspirant, KrisEnergy Ltd, from 20 per cent to 36 per cent for up to
US$122.7 million through the exercise of a call option.
It has also signed a cornerstone subscription agreement with KrisEnergy to subscribe for new shares in it for US$35 million. This will eventually give it an enlarged post-IPO shareholding of "marginally above 30 per cent", it said on Monday.
Keppel's unit, Devan International, first bought a one-fifth stake in KrisEnergy last July for US$115 million. The acquisition came with a call option for an additional 16 per cent stake which it is now exercising.
Keppel said in view of a potential IPO of KrisEnergy, Devan and the seller KrisEnergy Holdings have agreed to amend the exercise price of the call option to the IPO price, subject to the IPO occurring by August 15, 2013 and an earn-out mechanism in which Devan agrees to pay the seller the difference between the original exercise price and the IPO price.
It has also signed a cornerstone subscription agreement with KrisEnergy to subscribe for new shares in it for US$35 million. This will eventually give it an enlarged post-IPO shareholding of "marginally above 30 per cent", it said on Monday.
Keppel's unit, Devan International, first bought a one-fifth stake in KrisEnergy last July for US$115 million. The acquisition came with a call option for an additional 16 per cent stake which it is now exercising.
Keppel said in view of a potential IPO of KrisEnergy, Devan and the seller KrisEnergy Holdings have agreed to amend the exercise price of the call option to the IPO price, subject to the IPO occurring by August 15, 2013 and an earn-out mechanism in which Devan agrees to pay the seller the difference between the original exercise price and the IPO price.
Posts
No comments:
Post a Comment