Keppel Infra Trust and Philippine partner to buy storage facility owner

Sharanya Pillai

Published Tue, Dec 8, 2020 · 09:50 PM

Singapore

THE manager of Keppel Infrastructure Trust (KIT) and its Philippine partner Metro Pacific Investments Corporation (MPIC) have entered into a conditional agreement to fully acquire an entity that owns the largest petroleum products import storage facility in the Philippines.

The target entity is the Philippine Tank Storage International (Holdings) Inc (PTSI), which owns the storage facility, the Philippine Coastal Storage & Pipeline Corporation (PCSPC).

Upon completion of the deal, KIT will indirectly hold 80 per cent of the shares in PTSI, while MPIC will indirectly hold the remainder. KIT's purchase consideration, proportionate to its shareholding, is estimated at US$267 million. This …