News

Energy & Offshore

Staff Reporter

, Singapore

Published:

1 year ago

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KIT and MPIC to sell 100% stake in PCSPC for $598m

The parties will sell their shares to affiliates of I Squared Capital.

Keppel Infrastructure Trust (KIT) and Metro Pacific Investments Corporation (MPIC) will sell their combined 100% stake in Philippine Coastal Storage & Pipeline Corporation (PCSPC) for US$460m ($598m).

KIT and MPIC each have a 50% stake in PCSPC, which they acquired in 2021.

Affiliates of I Squared Capital, a global infrastructure investment manager with over USD 40 billion in assets under management, will acquire the stake.

Completion is expected in early 2025, pending the satisfaction or waiver of conditions.

KIT estimates a gain of US$21.1m ($27.5m) on the sale, after factoring in exchange rate movements and transaction-related fees, based on the 30 September 2024 book value of its investment in PCSPC.

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Keppel Infrastructure Trust

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