AsiaShipyards

Temasek pulls out of Keppel acquisition

Photo of Sam Chambers Sam ChambersAugust 11, 2020
1 2,111 Less than a minute

Singapore’s sovereign wealth fund Temasek Holdings has pulled its planned takeover of Keppel Corp, citing the company’s dire second quarter results.

Keppel, one of Singapore’s most diverse conglomerates involved in property development, ship repair and rig-building, sank into a net loss of S$697m ($507m) for April to June, from a net profit of S$153m a year earlier

Temasek had recently backed a $2.1bn rights issue by Sembcorp Marine, the republic’s second largest shipbuilding group, sparking conjecture not for the first time the state was planning to consolidate the two shipyards.

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Photo of Sam Chambers Sam ChambersAugust 11, 2020
1 2,111 Less than a minute
Photo of Sam Chambers

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.

Comments

  1. Having experienced Keppel first hand, i don’t know why it’s taken so long. rotten to the core with fraud and corruption.

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