Keppel Corp boosts stake in Keppel Reit as manager acquires 19.1m units

THE manager of Keppel Reit has acquired more than 19.1 million units, worth at least S$19.4 million in total, in the trust as management fee.

With this transaction, Keppel Corp, which owns the manager as a subsidiary, has increased its interest in Keppel Reit from about 46.203 per cent to 46.462 per cent, it said in a release on Friday night.

In the transaction, 19,149,650 units in Keppel Reit, priced at S$1.0152 per unit, were acquired by the manager, Keppel Reit Management Limited.

This value was arrived at based on the volume-weighted average price for a unit in Keppel Reit for all trades done on Singapore Exchange in the ordinary course of trading for the period of 10 business days immediately preceding Dec 30, 2016 - the last business day for the period.

Keppel Corp shares were down by two Singapore cents or 0.32 per cent to close at S$6.25 on Friday before the announcement.