Keppel unit divests stake in Thailand-listed ARIP for 60.7m baht

KEPPEL Telecommunications & Transportation (Keppel T&T), through its wholly-owned subsidiary Apsilon Ventures, has divested its 20.05 per cent equity interest in ARIP Public Company Limited to Min Intanate for 60.7 million baht (S$2.6 million).

In a bourse filing on Friday evening, Keppel said the market value represented by the sale shares as at June 25 stood at 68.2 million baht.

ARIP is a Thailand-based company engaged in the event management related to electronics and information technology (IT), IT-related publications, and the placement of advertisements.

A search on ARIP's website showed Mr Intanate listed as a director and executive chairman of the company.

The consideration was arrived at on a willing-buyer, willing-seller basis after taking into account the historical volume weighted average prices of ARIP, said Keppel.

Following completion of the divestment, ARIP will cease to be an associated company of Keppel.

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The divestment is also in line with Keppel's Vision 2030, which plans to monetise its non-core assets and seek new growth opportunities.

The divestment is not expected to have any material impact on Keppel's net tangible assets per share or earnings per share for the current financial year.

Shares in Keppel closed at S$5.40 on Friday, up 5.7 per cent or S$0.29.