Keppel Corporation Limited (KCL) has today entered into a share purchase agreement (“SPA”) for the sale of 8,750,000 shares , representing 100% of the share capital of Keppel Norway AS (“Keppel Norway”), KCL’s indirect wholly-owned subsidiary, at a consideration of approximately NOK0.137 per Share to OneCo AS (“OneCo”).
The aggregate consideration of US$1,200,000 for the Shares was arrived at on a willing buyer, willing seller basis. The sale of the Shares is conditional upon, amongst other things, the approval of the Norwegian Competition Authority.
The full amount will be paid by OneCo in cash on the date of completion, which is expected to take place on or about 14 May 2012. Upon completion, Keppel Norway will cease to be a subsidiary of the Company.
April 20, 2012