Keppel unit acquires 16% shares in JV for Thailand district cooling project
KDHSC owns 42% of the shares in the joint venture firm.
Keppel DHSC, a wholly-owned subsidiary of Keppel Infrastructure, acquired 16% shares in the joint venture (JV) company formed in 2020 for a district cooling system project in Thailand.
In a statement, Keppel DHCS acquired the shares for the JV firm Pranthumwan Smart District Cooling Company from BCGP with a sale consideration of around $311,020, bringing its total shares in the company to 42%.
The consideration amount was arrived at “on a willing buyer willing seller basis based on the par value of the Sale Shares.” As of 31 October, the total book value and net tangible asset value of the Sale Share were at around $299,098.
KDHSC, BCPG, and TEAM Consulting Engineering and Management on 23 July 2020 formed the JV for the development and operation of a district cooling system awarded under a contract by the Property Management of Chulalongkorn University.
Keppel said the proposed transaction is not expected to have any material impact on the company’s net tangible assets or earnings per year for the current financial year.