Keppel Profit Soars on One-off Gain from O&M Unit Sale
Singapore's Keppel Corp KPLM.SI on Thursday reported a more than seven-fold jump in its first-half profit boosted by a one-off gain from the sale of its offshore and marine (O&M) unit and strong performance from the infrastructure business.Keppel sold its offshore and marine business in February for S$4.50 billion ($3.40 billion) to Sembcorp Marine, recognising a gain of S$3.3 billion, as it aims to transform into an asset manager overseeing $150 billion by 2030 and focus on green energy.It managed S$53.2 billion in funds as of June 30.In May…
Maryland Cove Point LNG Export Plant to Start Work Next Week
Berkshire Hathaway Energy's Cove Point liquefied natural gas (LNG) export plant in Maryland will shut for about three weeks of maintenance starting around Sept. 20, according to pipeline data and analysts.Officials at Berkshire Hathaway Energy on Wednesday confirmed the pipeline and compressor station maintenance will start on Sept. 20 but would not confirm the shutdown of the liquefaction plant until about the day before an outage.Traders noted the reduction in gas flows to LNG export plants should weigh on U.S.
Qatar, China in $6.4 Bln Battle for Australian Freight Giant
Canada's Brookfield Asset Management (BAMa.TO) is planning a fresh $6.4 billion bid for Australian port and rail firm Asciano (AIO.AX) with Qatar's sovereign fund, two sources told Reuters, widening the global battle for the haulage heavyweight. The willingness of Brookfield to raise its offer and Qatar Investment Authority's (QIA) entry as a potential co-investor underscore the immense appetite for Australian infrastructure, especially mining-exposed companies whose share prices have been battered by the commodities downturn. Asciano, which had a market capitalization of $4.3 billion a year ago, said on Tuesday it was dumping Brookfield's…
APM Terminals Partners with Brookfield
APM Terminals and Brookfield Asset Management announce the formation of a joint venture at APM Terminals’ Port Elizabeth, New Jersey facility, subject to the Port Authority of New York/New Jersey and regulatory approvals which are targeted to be received in the next couple of months. The joint venture company, APM Terminals Elizabeth, a Brookfield and APM Terminals joint venture, will be equally owned by Brookfield and APM Terminals. The current APM Terminals management team consisting of Brian Clark…
New Owners for PD Ports
PD Ports, a UK ports & logistics business based in Middlesbrough, confirmed that it is under new ownership, following the sale of 100% of its equity to Canadian-based Brookfield Asset Management. The sale was part of a broader transaction with Babcock & Brown Infrastructure (BBI) in which Brookfield, as the cornerstone investor, led a recapitalisation of BBI. Brookfield has formed a new holding company Brookfield Ports (UK) Ltd to complete the purchase of PD Ports. BBI was the previous owner of PD Ports from early 2006 until now. (www.pdports.co.uk)
