Keppel Starts Review Of Struggling Offshore And Marine
Singaporean conglomerate Keppel Corp said on Tuesday it has started a strategic review of its struggling offshore and marine (O&M) business and will seek to monetize assets such as some of its landbank and investment properties.
Keppel said it is exploring options including strategic mergers and disposals.
“We will also seek to realize the group’s current potential by unlocking about S$3-S$5 billion ($2.2-$3.7 billion) of our monetizable assets over the next three years, which will be redeployed to seize new opportunities and improve returns,” CEO Loh Chin Hua said in a statement.
The plans are part of a 10-year strategy to refocus Keppel‘s portfolio towards areas such as energy and environment, urban development, connectivity and asset management.
($1 = 1.3698 Singapore dollars)
(Reporting by Aradhana Aravindan in Singapore; editing by Jason Neely)