Floatel and KrisEnergy impairments may impact MAC clause: Morgan Stanley

I REFER to the article titled "Impairment for Keppel unit Floatel clouds fate of Temasek's offer" (BT, June 17). Morgan Stanley Asia (Singapore) is advising Kyanite Investment Holdings (the "Offeror") on its voluntary pre-conditional cash partial offer (the "Offer") for Keppel Corporation (the "Company"). (see amendment note)

The article referred to analyst commentary about the Material Adverse Change ("MAC") clause in the Offer.

The S$500 million threshold for "provision for proceedings" referred to in the article relates only to the total provisions attributable to any claim, litigation, investigation or proceeding to which a member of the Group (being the Company and its subsidiaries and associated companies) is subject.