By OGJ editors
HOUSTON, Oct. 3 -- Kapital Asia Co. Ltd., Hong Kong, has agreed to buy a 28% stake in Singapore Petroleum Co. Lt. (SPC) from Keppel Corp. Ltd., Singapore, for $180 million (Sing.).
Keppel anticipates a $24.6 million (Sing.) profit from the sale. The conglomerate intends to use the sale proceeds to finance the expansion of its core businesses of offshore services, property, and infrastructure.
The sale will reduce Keppel's shareholding in SPC to 49% from 77%. Keppel said it will continue to pursue opportunities for partial or full divestment of its remaining interest in SPC.
