51% Stakes of Keppel Merlimau Cogen Sold for $510 mi
Keppel Infrastructure Holdings Pte Ltd (KI), through its wholly-owned subsidiary, has agreed to sell 51% stake of Keppel Merlimau Cogen Pte Ltd (KMC), which owns Keppel Merlimau Cogen Plant to Keppel Infrastructure Trust (KIT or the Trust) for a cash consideration of $510 million (KMC Transaction). The agreement was signed with Keppel Infrastructure Fund Management Pte Ltd (KIFM), in its capacity as trustee-manager of KIT. Located on Jurong Island, Singapore, Keppel Merlimau Cogen Plant is a 1,300 MW combined cycle gas turbine power generation facility and is the first asset proposed to be injected into the Trust under the expanded "Right-of-First-Refusal" (ROFR) deed between KI and KIFM.
Keppel's Senior Executive Director to Retire
Keppel Corporation Limited announced that Teo Soon Hoe, Senior Executive Director, Keppel Corporation will retire June 1, 2014. Teo will step down as Chairman of Keppel Telecommunications & Transportation Ltd (Keppel T&T) and non-independent director of Keppel Infrastructure Fund Management Pte Ltd (KIFM), Trustee Manager of Keppel Infrastructure Trust, with effect from the same date. Teo will continue to represent Keppel Corporation as its nominee director on the boards of Tianjin Eco-city companies, and k1 Ventures Limited. Further, Keppel Land Limited (Keppel Land) and Keppel T&T have appointed him as Senior Advisor to their respective boards and he will also continue to represent Keppel T&T as its nominee director on the board of M1 Limited.
