Thursday, 5 August 2010

Keppel takes over Subic Shipyard for P2.8b

Jeremiah F. de Guzman
Manila Standard
http://www.manilastandardtoday.com/insideBusiness.htm?f=2010/august/4/business2.isx&d=2010/august/4

Listed Keppel Philippines Marine Inc. said Tuesday it acquired an additional 41.6 percent of Subic Shipyard and Engineering Inc. for P2.8 billion to boost its stake in the company to 79.1 percent.

Keppel said in a disclosure to the Philippine Stock Exchange that the P2.8-billion investment was equivalent to about 58 percent Keppel Marine’s total book value and 48 percent of total asset.

Keppel bought the stakes from Magsaysay Shipping Corp., International Container Terminal Services Inc., the government, SM Development Corp. and Insular Life Assurance Co.

“The Philippine sellers have decided to dispose of their interest in [Subic Shipyard] to concentrate on their core business,” Keppel Marine said.

Subic Shipyard serves ocean going vessels of up to 340,000 dead- weight tons. It provides repair, conversion and building services, tank cleaning, internal tank coating as well as voyage repairs for internal tanks using ultra-high pressure.

It also undertakes steel fabrication for land based and marine or offshore structures.

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