Keppel sells stake in Thai firm ARIP for TH฿60.7m
ARIP will also cease to be an associate company of Keppel.
Keppel Telecommunications & Transportation Limited through its wholly-owned subsidiary Apsilon Ventures Pte Ltd, has sold its 20.05% equity interest in Thailand-listed ARIP Public Company Limited to ARIP’s director and executive chairman Min Intanate for TH฿60.7m ($2.6m)
ARIP is a Thailand-based firm with business related to event management, electronics and information technology.
Keppel said that the market value represented by the sale shares as at 25 June was approximately TH฿68.2m ($2.8m).
The consideration was arrived at on a willing-buyer, willing-seller basis taking into account the historical volume weighted average prices of ARIP. Keppel said that the divestment is also in line with the company’s Vision 2030 and plans to monetise non-core assets and seek new growth opportunities.
Keppel said that the sale of the share has no expected material impact on the net tangible assets per share or earnings per share of the company for the current financial year.