Keppel to divest Keppel Smit Towage and Maju Maritime stakes for S$133M

Keppel Corp.’s indirect subsidiary KS Investments has entered a deal to divest its entire 51 percent stake in each of Keppel Smit Towage (KST) and Maju Maritime to Rimorchiatori Mediterranei Spa for around S$133 million in cash, the company said in a filing to SGX Monday.

“The divestments are part of Keppel O&M’s strategic review to streamline and divest its non-core assets, in line with Keppel’s Vision 2030 plans to be more focused and disciplined as it executes its mission to provide solutions for sustainable urbanisation,” Keppel said in the filing.

KS Investments is a wholly owned subsidiary of Keppel Offshore & Marine.

The consideration took into account the net asset value of the sale shares, both of which were around S$60.8 million at end-October, the filing said.

Keppel said it expected a divestment gain of around S$72 million.