Keppel unit divests 24% stake in Thai-listed Business Online PCL for $26.5m

Reflections at Keppel Bay, Singapore. Photo: Keppel

Singapore-listed Keppel Corporation has divested its 24.01 per cent equity interest in Thailand-listed Business Online Public Company Limited(PCL) for 827.6 million baht ($26.5 million), according to a stock exchange announcement on Monday.

Malaysia’s CTOS Holding Sdn Bhd will pick up 20 per cent stake in Business Online PCL while the balance 4.01 per cent stake will be sold to Min Intanate, the director and executive chairman of the company.

Keppel Corporation owned Business Online PCL’s stake through its unit Keppel Communications Pte Ltd.  According to the announcement, the divestment is in line with Keppel’s Vision 2030 to monetise non-core assets as well as to seek new growth opportunities.

Following the completion of the deal, expected to close in Q4 of 2020, Business Online PCL will cease to be an associated company of Keppel Corporation. The divestment is also not expected to have any material impact on the net tangible assets per share or earnings per share of the company for the current financial year.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.