Keppel DHCS raises stake in district cooling joint venture in Bangkok

KEPPEL DHCS, a wholly-owned subsidiary of Keppel Infrastructure Holdings, has upped its stake in a joint venture for a district cooling system in Bangkok to 42 per cent, after acquiring 16 per cent from Thai renewable energy company BCPG.

BCPG and Thai engineering consultancy Team Consulting Engineering and Management are the other two partners in the joint venture, known as Prathumwan Smart District Cooling Company.

The consideration for the sale shares was 8 million Thai baht (S$311,020), and was arrived at on a willing buyer willing seller basis, based on the par value of the shares.

As at Oct 31, the aggregate book value and net tangible asset value of the sale shares was 7.7 million Thai baht.

The consortium of three companies was awarded the contract, worth more than 7.5 billion baht (S$329 million), in July 2020.

Keppel DHCS is a district cooling system service provider that provides cooling services at major business parks, including Singapore’s Changi Business Park, one-north (Biopolis, Fusionopolis, Mediapolis) and Woodlands Wafer Fab Park. It is a wholly-owned subsidiary of Keppel Infrastructure, which is in turn a wholly-owned subsidiary of Keppel Corporation.

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Keppel Corp’s shares ended Thursday up 0.5 per cent, or S$0.04, to S$7.47.