Keppel forging ahead with transformation plan, asset monetisation efforts

CONGLOMERATE Keppel Corp has made “significant progress” in simplifying its business through several transactions in 2022, and these will now fast-track the company’s transformation from a group of diverse parts into one integrated business, chief executive Loh Chin Hua said in a New Year message to employees on Monday (Jan 2).

In a letter sent to more than 15,000 Keppel employees, Loh cited examples such as the company’s divestment of its logistics business and the proposed combination of its offshore and marine arm with peer Sembcorp Marine. Keppel has also announced about S$2.8 billion of energy and environmental and sustainable urban renewal-related investments in 2022, jointly undertaken by Keppel together with private funds or business trusts managed by Keppel Capital.

Such transactions will transform Keppel into a “global asset manager and operator” with capabilities in areas like urban development and energy and environment — which are all “part of a continuous value chain”.