Global asset manager BlackRock has become a substantial shareholder of Singapore-bassed conglomerate Keppel Corporation by increasing its stake from 4.99% to 5%, according to a bourse filing dated November 22.
BlackRock acquired 87,600 shares of SGX-listed Keppel for about S$7.43 per share translating to a total deal value of S$650,552 (US$472,168).
Following the share purchase, BlackRock currently holds a deemed interest of about 87.7 million Keppel shares through some 20 entities related to the asset manager.
US-based BlackRock has a substantial interest in Southeast Asia.
BlackRock along with Indonesia Investment Authority (INA), Allianz Global Investors, and Orion Capital Asia among other investors recently signed a $300-million financing facility with online travel agent Traveloka. The financing will be used to support the digital ecosystem’s growth in the travel sector.
Last year, Singapore state investor Temasek Holdings and BlackRock launched a partnership to invest in firms with products and technologies that will reduce carbon emissions.
BlackRock and Temasek committed a combined $600 million in initial capital to invest in multiple funds launched by the partnership, called ‘Decarbonization Partners’, which has a fundraising target of $1 billion for its first fund and will also raise third-party capital.