Keppel-SPH: Sweet deal, but what next?

WHEN Keppel Corp made the S$2.2 billion offer to take over Singapore Press Holdings' (SPH) non-media assets, I should have seen it coming. I covered both companies as an analyst during their transformational years and should have intimate knowledge of their increasingly complementary businesses.

I started analysing Keppel back in the year 2000, when then-chief executive Lim Chee Onn was busy consolidating its myriad businesses after taking over from the legendary Sim Kee Boon. From as many as eight listed companies under the group, it quickly reduced to three in fewer than two years as sprawling conglomerates went out of favour.

My SPH coverage was almost a decade later - when it was in the midst of diversifying away from its media business, notably into property.