Keppel sells facilities management unit to GDF Suez

KEPPEL Corp has sold Keppel FMO (KFMO) to a subsidiary of French energy giant GDF Suez Group for S$44.72 million in cash, subject to a post-closing adjustment for working capital and a S$9.72 million deferred consideration if KFMO achieves certain targets.

Incorporated in Singapore, KFMO provides integrated facilities management for clients in the public and private sectors. Its adjusted book value and net tangible assets (on cash-free basis) as at end December 2013 stood at S$11.98 million.

GDF Suez's Cofely South East Asia Pte Ltd designs, implements and delivers integrated facilities management solutions.