Keppel's Philippine Units Complete Consolidation

Philippine units of Keppel Corporation have reportedly completed the restructuring of their operations, which called for a consolidation of Keppel's domestic marine interests into Keppel Philippines Marine Inc. (KPMI), and a consolidation of Keppel's property interests in the Philippines into Keppel Philippine Properties Inc (KPPI). Under the restructuring, KPPI transferred all its marine interests to KPMI, including 62.5 million shares in Subic Shipyard and Engineering Inc. and 656,838 shares in Consort Land Inc., which manages the shipyard's lot, in exchange for 100.5 million new KPMI shares. KPPI also transferred all of its 159.2 million shares in KPMI to Keppel Philippines Holdings Inc (KPHI). KPMI is now 55 percent owned by KPHI and the rest by the investing public.