Singapore’s Keppel to fully absorb RP maritime unit

KS Investments Pte. Ltd., a wholly-owned unit of Singapore’s Keppel Corp. Ltd., has made a general offer to acquire 70.53 percent of Keppel Philippines Marine Inc. (KPMI) for P1.407 billion ($27.4 million).

KS Investments, which already owns 29.47 percent of KPMI, said the general offer is part of the group’s program to consolidate its regional investments in the marine industry.

Keppel said the transaction is not expected to have any material impact on its earnings per share or on net tangible assets Ltd. share for the financial year ended Dec. 31, 2006.

The Keppel Group recently sold its 96.5-percent stake in Keppel Bank Philippines Inc. (KBP) to GE Consumer Finance, the global consumer lending unit of General Electric Co.

GECF acquired 23.406 million shares in KBP from Keppel Bank from Keppel Corp. Ltd. and Keppel Philippines Holdings Inc. for P1.45 billion. The move is part of the group’s strategy to divest its non-core assets.The Keppel Group is engaged in offshore and marine, property, and infrastructure businesses with operations in 27 countries.

Established in 1897, KBP is the oldest savings bank in the Philippines with total assets of approximately $90 million. It has 30 branches and provides a broad range of banking and financial services, including deposits, personal loans, mortgages, auto loans and credit cards.