Keppel Corporation Ltd (KCL) has announced that its subsidiary, KS Investments Pte Ltd (KSI) and its associated company, Dyna-Mac Holdings Ltd (Dyna-Mac) have entered into a shareholders’ agreement and have jointly incorporated a company in the Philippines known as Dyna-Mac Keppel Philippines, Inc. (DMKP).
The shareholding interests of KSI and Dyna-Mac in DMKP are 40% and 60% respectively. DMKP will be engaged in the business of fabrication of topside modules for floating, production, storage and offloading (FPSO), and floating, storage and offloading (FSO) vessels in the Philippines. The initial paid-up capital of DMKP of PhP15 million (equivalent to approximately S$452,067.89, based on the exchange rate of S$1:PhP33.1809) was arrived at after taking into account the requirements for DMKP’s initial phase of business.
Based on their respective shareholding proportion, KSI and Dyna-Mac’s capital contribution amounted to PhP6,000,000 (approximately S$180,826.92) and PhP9,000,000 (approximately S$271,240.38) respectively. The capital contribution by KSI was paid in cash and funded entirely through internal resources.
Following its incorporation, DMKP is now an associated company of the Company. Temasek Holdings (Private) Limited is a controlling shareholder of Dyna-Mac. Save as aforementioned, none of the directors or controlling shareholders of the Company has any interest in the above transaction (other than through their shareholdings in the Company). The abovementioned transaction is not expected to have material impact on the net tangible assets or earnings per share of the Company for the current financial year.
[mappress] Keppel, February 22, 2013