Keppel trust manager responds to report of underwater cable sale
Q3 net profit down 8.6% to S$15.5 million, DPU flat at 0.93 Singapore cent
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Singapore
THE manager of Keppel Infrastructure Trust (KIT) on Monday responded to a report in The Australian claiming that the trust's underwater cable linking Tasmania's hydro power-dependent grid to the mainland is up for sale. This is owned by KIT's wholly-owned subsidiary, Basslink.
The article said that the asset was estimated to be worth as much as A$1.2 billion (S$1.28 billion) last year, but events since - including the firing up of a gas-fired power station in Tamar Valley, Tasmania - have dwindled its value to maybe "worth not much more than its A$700 million of debt".
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