16-10-2020, 11:03 AM
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16-10-2020, 01:48 PM
18-10-2020, 10:09 AM
Sily me. Should be Keppel KrisEnergy.
Thanks valuebuddies for teaching me.
https://links.sgx.com/FileOpen/Updates%2...eID=635581
16 Oct 2020 Updates on resturcturing process - Scheme of Arrangement
Further to the Announcements, the Company wishes to announce that it has, on 16 October 2020, made applications to the Singapore Court for, among other things:
(a) leave to convene a meeting of the Scheme Creditors (as defined below) pursuant to Section 210(1) of the Companies Act (the “Leave Application”);
(b) certain variations in and substitution of the procedure provided for in the Insolvency, Restructuring and Dissolution (Proofs of Debt in Schemes of Arrangement) Regulations 2020 (“PODSAR”) (the “Variation Application”); and
© an extension of the moratorium order granted in HC/ORC 4997/2020 for a period of 2 months from the date the Extension Application is heard or until such further order by the Singapore Court (the “5 th Extension Application”), (collectively, the “Scheme Applications”).
The Scheme Applications are fixed to be heard on 30 October 2020 at 2.30pm.
The proposed ZCN Exchange
As at the date of this announcement, KOG is a controlling Shareholder of the Company and holds approximately 76.87% of the Zero Coupon Notes. Pursuant to Rule 812(1) of the Listing Manual, an issue must not be placed to, inter alia, substantial shareholders, related companies (as defined in Section 6 of the Companies Act), associated companies and sister companies of the issuer’s substantial shareholders. Additionally, the Group is in a net tangible liabilities position as at 31 December 2019. Accordingly, based on the Group’s latest audited net tangible liabilities of US$154,341,941 as at the date of this announcement (“Latest Audited NTL”) as at 31 December 2019, the value of the ZCN Exchange in relation to KOG (being 45% of the aggregate principle amount of the Zero Coupon Notes held by KOG amounting to S$48,242,693 (or approximately US$34,459,067 based on an exchange rate of US$1 : S$1.4)), represents approximately 22.3% of the Group’s Latest Audited NTL. Accordingly, the value of the ZCN Exchange in relation to KOG is more than 5.0% of the Group’s Latest Audited NTL.
Therefore, as KOG is (i) a person falling within the restrictions of Rule 812 of the Listing Manual; and (ii) an interested person as defined under Chapter 9 of the Listing Manual, Shareholders’ approval will be required to be obtained for the issue of the ZCN Exchange Shares to KOG in connection with the ZCN Exchange under the Consent Solicitation Exercise.
Save for the provision of the facilities in principal aggregate amount of up to US$87 million by
Kepinvest Singapore Pte. Ltd. (“New CBA Facility”) as detailed in the Company’s Circular dated 10 June 2020, there are no other interested person transactions for FY2020.
Shareholders’ approval for the New CBA Facility was obtained at the extraordinary general meeting of the Company held on 29 June 2020. Further details of the ZCN Exchange as an interested person transaction will be included in the Circular, to be despatched to Shareholders in due course.
Stay home and stay healthy, everyone.
Thanks valuebuddies for teaching me.
https://links.sgx.com/FileOpen/Updates%2...eID=635581
16 Oct 2020 Updates on resturcturing process - Scheme of Arrangement
Further to the Announcements, the Company wishes to announce that it has, on 16 October 2020, made applications to the Singapore Court for, among other things:
(a) leave to convene a meeting of the Scheme Creditors (as defined below) pursuant to Section 210(1) of the Companies Act (the “Leave Application”);
(b) certain variations in and substitution of the procedure provided for in the Insolvency, Restructuring and Dissolution (Proofs of Debt in Schemes of Arrangement) Regulations 2020 (“PODSAR”) (the “Variation Application”); and
© an extension of the moratorium order granted in HC/ORC 4997/2020 for a period of 2 months from the date the Extension Application is heard or until such further order by the Singapore Court (the “5 th Extension Application”), (collectively, the “Scheme Applications”).
The Scheme Applications are fixed to be heard on 30 October 2020 at 2.30pm.
The proposed ZCN Exchange
As at the date of this announcement, KOG is a controlling Shareholder of the Company and holds approximately 76.87% of the Zero Coupon Notes. Pursuant to Rule 812(1) of the Listing Manual, an issue must not be placed to, inter alia, substantial shareholders, related companies (as defined in Section 6 of the Companies Act), associated companies and sister companies of the issuer’s substantial shareholders. Additionally, the Group is in a net tangible liabilities position as at 31 December 2019. Accordingly, based on the Group’s latest audited net tangible liabilities of US$154,341,941 as at the date of this announcement (“Latest Audited NTL”) as at 31 December 2019, the value of the ZCN Exchange in relation to KOG (being 45% of the aggregate principle amount of the Zero Coupon Notes held by KOG amounting to S$48,242,693 (or approximately US$34,459,067 based on an exchange rate of US$1 : S$1.4)), represents approximately 22.3% of the Group’s Latest Audited NTL. Accordingly, the value of the ZCN Exchange in relation to KOG is more than 5.0% of the Group’s Latest Audited NTL.
Therefore, as KOG is (i) a person falling within the restrictions of Rule 812 of the Listing Manual; and (ii) an interested person as defined under Chapter 9 of the Listing Manual, Shareholders’ approval will be required to be obtained for the issue of the ZCN Exchange Shares to KOG in connection with the ZCN Exchange under the Consent Solicitation Exercise.
Save for the provision of the facilities in principal aggregate amount of up to US$87 million by
Kepinvest Singapore Pte. Ltd. (“New CBA Facility”) as detailed in the Company’s Circular dated 10 June 2020, there are no other interested person transactions for FY2020.
Shareholders’ approval for the New CBA Facility was obtained at the extraordinary general meeting of the Company held on 29 June 2020. Further details of the ZCN Exchange as an interested person transaction will be included in the Circular, to be despatched to Shareholders in due course.
Stay home and stay healthy, everyone.
27-10-2020, 10:19 PM
Keppel - KrisEnergy Submission of trading proposal
The Company is pleased to announce that it has submitted a Trading Resumption Proposal to the SGX-ST on 27 October 2020.
https://links.sgx.com/FileOpen/Updates%2...eID=636653
Stay home and stay safe, everyone.
The Company is pleased to announce that it has submitted a Trading Resumption Proposal to the SGX-ST on 27 October 2020.
https://links.sgx.com/FileOpen/Updates%2...eID=636653
Stay home and stay safe, everyone.
29-10-2020, 09:25 PM
Keppel opt for biz update instead of releasing its 3Q result.
9M2020
Rev $4.8b vs (5.3b)
NP significant lower yoy; remain loss making
In 3Q 2020, activity levels at Keppel O&M’s Singapore operations resumed gradually with safe management measures in place. By the end of September 2020, a workforce of about 15,000 had returned to work in Singapore, up from about 5,000 at the end of July 2020. Notwithstanding the gradual resumption of work, disruptions related to COVID-19 have impacted Keppel O&M’s revenues, which contributed to it reporting a loss for 3Q 2020.
https://links.sgx.com/FileOpen/1.%20KCL%...eID=636989
(ppt)
Loh Chin Hua, CEO
“On 29 September 2020, we announced plans to accelerate our Vision 2030 roadmap that will ready Keppel to weather the challenging environment and chart our growth path. To this end, we have established a Vision 2030 transformation office and launched a 100- day programme to drive results. In line with our Vision 2030 strategy, in the past month, we have announced about S$140 million in asset divestments from our landbank and non-core assets, and also secured an offshore renewables contract worth about S$600 million. We are also actively working with Keppel O&M’s Board and Management on the strategic review of this business, including exploring the full spectrum of organic and inorganic options.”
Stay home and stay safe, everyone.
9M2020
Rev $4.8b vs (5.3b)
NP significant lower yoy; remain loss making
In 3Q 2020, activity levels at Keppel O&M’s Singapore operations resumed gradually with safe management measures in place. By the end of September 2020, a workforce of about 15,000 had returned to work in Singapore, up from about 5,000 at the end of July 2020. Notwithstanding the gradual resumption of work, disruptions related to COVID-19 have impacted Keppel O&M’s revenues, which contributed to it reporting a loss for 3Q 2020.
https://links.sgx.com/FileOpen/1.%20KCL%...eID=636989
(ppt)
Loh Chin Hua, CEO
“On 29 September 2020, we announced plans to accelerate our Vision 2030 roadmap that will ready Keppel to weather the challenging environment and chart our growth path. To this end, we have established a Vision 2030 transformation office and launched a 100- day programme to drive results. In line with our Vision 2030 strategy, in the past month, we have announced about S$140 million in asset divestments from our landbank and non-core assets, and also secured an offshore renewables contract worth about S$600 million. We are also actively working with Keppel O&M’s Board and Management on the strategic review of this business, including exploring the full spectrum of organic and inorganic options.”
Stay home and stay safe, everyone.
30-10-2020, 09:41 PM
Keppel - KrisEnergy - announce on 11 November 2020 financial results for the third quarter and nine-month periods ended 30 September 2020.
https://links.sgx.com/FileOpen/KrisEnerg...eID=637381
Today, Keppel also released a call script from Media/Analysts conference.
As usual, valuebuddies favourite Paul Chew asked something which is very important.
Read between the line, everyone.
I think I can sense and agree to Paul's instinct.
Questions from Paul Chew, Phillip Securities Research
On the 100-day programme that you mentioned, can I just clarify, what is the basis of these 100 days, or maybe the 70 days left? Is it based on some legal or deal timeline? i.e. It needs to be completed within these so-called 100 days, and if nothing happens, then the deal is off?
LCH: Not really. I guess the way to look at this 100-day programme is that we have a Vision 2030. When we came up with Vision 2030, the idea was to give enough runway for the future leaders of Keppel, who were involved in this Vision 2030 exercise, to re-imagine what Keppel would be like in 10 years’ time. It doesn’t mean that we want to take 10 years to execute. In fact, we want to execute much faster. We decided that we wanted to create a bit of energy, a catalyst, and an impetus to get ourselves going for Vision 2030. The senior management and I decided that we should have a 100-day plan, so that there is a push for the whole team.
This 100-day plan involves everyone in the group. All the business units have their so-called “marching orders” for the 100-day plan, including Keppel Corporation as well. It doesn’t mean that if we don’t achieve it in 100 days, then the deal is off. We hope it does not happen, but it could be that some of the projects can get shifted to the right. But if we are able to deliver on this 100-day plan, I think it will give a very good impetus to the execution of our Vision 2030.
Is this 100-day programme centred on O&M, or is it across the Group like you mentioned?
LCH: It is across the Group. Every business unit, including Keppel Corporation as the centre, has a series of initiatives that are part of this 100-day plan. Just to be clear, the 100-day plan does not mean that everything will be done in 100 days, and after that, it doesn’t matter. It does. The transformation office for Vision 2030, besides looking at this 100-day plan, will also be looking at medium-term plans and longer term plans for the accomplishment of Vision 2030.
When you talk about plans, is it more about the disposals that you are planning? Is that a fair way to express this?
LCH: No. I said it at the beginning but maybe you missed it. I explained that the initiatives under this 100-day plan are quite multi-faceted. It includes some asset monetisation. It also includes strategic reviews of some of the businesses that have been announced. It also includes some growth initiatives. So you will also see some investing, it is not just about divesting. It is quite multi-faceted.
Stay home and stay safe, everyone.
https://links.sgx.com/FileOpen/KrisEnerg...eID=637381
Today, Keppel also released a call script from Media/Analysts conference.
As usual, valuebuddies favourite Paul Chew asked something which is very important.
Read between the line, everyone.
I think I can sense and agree to Paul's instinct.
Questions from Paul Chew, Phillip Securities Research
On the 100-day programme that you mentioned, can I just clarify, what is the basis of these 100 days, or maybe the 70 days left? Is it based on some legal or deal timeline? i.e. It needs to be completed within these so-called 100 days, and if nothing happens, then the deal is off?
LCH: Not really. I guess the way to look at this 100-day programme is that we have a Vision 2030. When we came up with Vision 2030, the idea was to give enough runway for the future leaders of Keppel, who were involved in this Vision 2030 exercise, to re-imagine what Keppel would be like in 10 years’ time. It doesn’t mean that we want to take 10 years to execute. In fact, we want to execute much faster. We decided that we wanted to create a bit of energy, a catalyst, and an impetus to get ourselves going for Vision 2030. The senior management and I decided that we should have a 100-day plan, so that there is a push for the whole team.
This 100-day plan involves everyone in the group. All the business units have their so-called “marching orders” for the 100-day plan, including Keppel Corporation as well. It doesn’t mean that if we don’t achieve it in 100 days, then the deal is off. We hope it does not happen, but it could be that some of the projects can get shifted to the right. But if we are able to deliver on this 100-day plan, I think it will give a very good impetus to the execution of our Vision 2030.
Is this 100-day programme centred on O&M, or is it across the Group like you mentioned?
LCH: It is across the Group. Every business unit, including Keppel Corporation as the centre, has a series of initiatives that are part of this 100-day plan. Just to be clear, the 100-day plan does not mean that everything will be done in 100 days, and after that, it doesn’t matter. It does. The transformation office for Vision 2030, besides looking at this 100-day plan, will also be looking at medium-term plans and longer term plans for the accomplishment of Vision 2030.
When you talk about plans, is it more about the disposals that you are planning? Is that a fair way to express this?
LCH: No. I said it at the beginning but maybe you missed it. I explained that the initiatives under this 100-day plan are quite multi-faceted. It includes some asset monetisation. It also includes strategic reviews of some of the businesses that have been announced. It also includes some growth initiatives. So you will also see some investing, it is not just about divesting. It is quite multi-faceted.
Stay home and stay safe, everyone.
01-11-2020, 08:42 AM
Keppel - Floatel has announced the extension of the Forbearance Agreement (as defined in the Floatel Update Announcement) to 15 November 2020.
https://links.sgx.com/FileOpen/KCL%20%20...eID=637470
Stay home and stay safe, everyone.
https://links.sgx.com/FileOpen/KCL%20%20...eID=637470
Stay home and stay safe, everyone.
28-11-2020, 05:13 PM
Keppel - Floatel has announced the extension of the Forbearance Agreement (as defined in the Floatel Update Announcement) to 4 December 2020.
Stay home and stay safe, everyone.
Stay home and stay safe, everyone.
01-12-2020, 08:27 AM
Keppel Corporation Limited (the "Company") wishes to inform that Keppel Land Limited ("KLL"), through its wholly-owned subsidiary, Portsville Pte. Ltd. ("Portsville"), is divesting its remaining 30% interest (the "Sale Stake") in Dong Nai Waterfront City LLC ("DNWC") to Nam Long Investment Corporation ("NLG" or the "Purchaser") (the "Divestment"). This transaction follows the divestment of Portsville’s 70% interest in DNWC to NLG, which was announced on 28 January 2019 and 10 April 2019.
Based on the latest audited financial statements of Keppel Corporation Limited for the financial year ended 31 December 2019 (FY2019), had the divestment been completed on 31 December 2019, the net tangible asset per share as at 31 December 2019 would have increased from S$5.25 (before the divestment) to S$5.28 (after the divestment); and had the divestment been completed on 1 January 2019, the earnings per share for FY2019 would have increased from 38.9 cents (before the divestment) to 42.0 cents (after the divestment).
https://links.sgx.com/FileOpen/KCL%20Ann...eID=641011
Stay home and stay safe, everyone.
Based on the latest audited financial statements of Keppel Corporation Limited for the financial year ended 31 December 2019 (FY2019), had the divestment been completed on 31 December 2019, the net tangible asset per share as at 31 December 2019 would have increased from S$5.25 (before the divestment) to S$5.28 (after the divestment); and had the divestment been completed on 1 January 2019, the earnings per share for FY2019 would have increased from 38.9 cents (before the divestment) to 42.0 cents (after the divestment).
https://links.sgx.com/FileOpen/KCL%20Ann...eID=641011
Stay home and stay safe, everyone.
07-12-2020, 08:56 AM
Keppel
Entry into a Lock Up Agreement in Support of a Proposed Restructuring by Floatel International Ltd.
28 pages of agreement:
https://links.sgx.com/FileOpen/KCL%20-%2...eID=641624
Stay home and stay safe, everyone.
Entry into a Lock Up Agreement in Support of a Proposed Restructuring by Floatel International Ltd.
28 pages of agreement:
https://links.sgx.com/FileOpen/KCL%20-%2...eID=641624
Stay home and stay safe, everyone.