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PR Newswire
22-01-2015, 09:32 AM
Adding one more speculation on the trading halt...
(not vested on both)
Keppel Corp may swap assets with Keppel Land, says CIMB
SINGAPORE (Jan 22): Keppel Corp ( Financial Dashboard) may swap its stakes in office buildings at HarbourFront and its Keppel Bay land plots for a 35% stake in the Sino-Singapore Tianjin Eco City owned by its property arm Keppel Land ( Financial Dashboard), according to CIMB ( Financial Dashboard).
Keppel Corp owns a 39% stake each in HarbourFront Towers 1 and 2 and has a 70% interest in Keppel Bay Tower.
It has controlling stakes in three plots of land at Keppel Bay, which CIMB estimates are worth about $712 million, assuming land costs of $1,000 psf.
Singapore's interest in the Tianjin Eco City, a joint venture between the Singapore and Chinese governments, is majority owned by Keppel Corp, with Keppel Land holding a 35% stake, which is estimated by CIMB to be worth $113 million.
"HarbourFront offices and Keppel Bay’s land plots are 'non-core' for Keppel Corp," CIMB analyst Lim Siew Khee said in a note.
"With the swap, Keppel Land could regain its exposure to the Singapore property scene."
...
http://www.theedgemarkets.com/sg/article...-says-cimb
(not vested on both)
Keppel Corp may swap assets with Keppel Land, says CIMB
SINGAPORE (Jan 22): Keppel Corp ( Financial Dashboard) may swap its stakes in office buildings at HarbourFront and its Keppel Bay land plots for a 35% stake in the Sino-Singapore Tianjin Eco City owned by its property arm Keppel Land ( Financial Dashboard), according to CIMB ( Financial Dashboard).
Keppel Corp owns a 39% stake each in HarbourFront Towers 1 and 2 and has a 70% interest in Keppel Bay Tower.
It has controlling stakes in three plots of land at Keppel Bay, which CIMB estimates are worth about $712 million, assuming land costs of $1,000 psf.
Singapore's interest in the Tianjin Eco City, a joint venture between the Singapore and Chinese governments, is majority owned by Keppel Corp, with Keppel Land holding a 35% stake, which is estimated by CIMB to be worth $113 million.
"HarbourFront offices and Keppel Bay’s land plots are 'non-core' for Keppel Corp," CIMB analyst Lim Siew Khee said in a note.
"With the swap, Keppel Land could regain its exposure to the Singapore property scene."
...
http://www.theedgemarkets.com/sg/article...-says-cimb
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