Despite ite a challenging 2022, Keppel posts $927m in net profit

Company says distribution of Sembmarine shares won’t hugely impact its asset value

- Ven Sreeenivasan

The distribution in specie of Sembcorp Marine shares will not have a major impact on Keppel Corps’ net tangible asset (NTA) per share.

Keppel Corp’s chief executive Loh Chin Hua explained that if the proposed combination of Keppel Offshore & Marine and Sembmarine had been completed at end-2022, it would have resulted in a pro forma disposal gain of about $3.4 billion, or $1.94 per Keppel share in FY2022.

On the same pro forma basis, Keppel Corp’s NTA per share would have increased from the reported $5.51 to $7.56 post-transaction. But following the distribution in specie – which has an implied value of 12.2 cents per Keppel Corp share – the latter’s pro forma NTA would be reduced from $7.56 to $5.23 per share.

Mr Loh said this is just marginally lower than its reported NTA of $5.51 at the end of FY2022.