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.