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S$63m Keppel T&T loan for Keppel Datahub 2
KEPPEL Telecommunications & Transportation (Keppel T&T) said on Thursday it has entered into a loan agreement with Keppel Land Financial Services Pte Ltd (KLFS) and Keppel Datahub 2 Pte Ltd to provide a two-year S$90 million loan to Keppel Datahub 2.
Under the agreement, Keppel T&T's portion of the loan is S$63 million.
KLFS is a wholly owned subsidiary of Keppel Land.
Keppel Datahub 2 is a wholly owned subsidiary of Keppel Data Centres Holding Pte Ltd, which in turn is a 70-30 joint-venture (JV) company between Keppel T&T and Keppel Land.
The proportion of the loan to be contributed by Keppel T&T and KLFS is based on the respective shareholdings of Keppel T&T and Keppel Land in the JV company.
As Keppel Land has an indirect 30 per cent interest in Keppel Datahub 2, the provision of the loan to Keppel Datahub 2 is an "interested person transaction" under the Listing Manual of Singapore Exchange Securities Trading, the company said.
The loan to Keppel Datahub 2 gives it capital for the development of the property located at 27 Tampines Street 92 into a data centre.