Keppel to Increase Stake in Philippines Shipyard

5 August 2010 (Last Updated August 5th, 2010 18:30)

Keppel Corporation will raise its stake in Subic Shipyard and Engineering (SSEI) and Consort Land (CLI). The company will pay S$86.5m ($63.6m) to raise its existing stakes in SSEI from 44% to 83.9% and from 33.7% to 38.7% in CLI. Subic will become a Keppel subsidiary after the tra

Keppel Corporation will raise its stake in Subic Shipyard and Engineering (SSEI) and Consort Land (CLI).

The company will pay S$86.5m ($63.6m) to raise its existing stakes in SSEI from 44% to 83.9% and from 33.7% to 38.7% in CLI.

Subic will become a Keppel subsidiary after the transaction of shares is completed.

Keppel has invested about PHP3bn ($66m) to increase its capacities and upgrade its workforce in the Philippines.